Liminal, a company that boasts of a novel wallet architecture focused on safekeeping of digital assets, has received $4.7 million in its seed funding round.
- Elevation Capital, a venture capital firm that provides early-stage capital to startups in India, led the funding round.
- India's renowned stock exchange CoinDCX participated in the funding, as did notable angel investors such as Andreas Antonopoulos, Balaji Srinivasan, Sandeep Nailwal, Jaynti Kanani and Ajeet Khurana. Other investors included LD Capital, Woodstock, Nexus Ventures, Hashed, Cadenza Ventures, Vauld, Better Capital and Sparrow Capital.
- Liminal was founded by Mahin Gupta, who is also one of the three co-founders of Zeb Pay, a well-known Indian crypto wallet.
- Liminal claims to be the first wallet architecture to offer secure multiparty computation (MPC) and multisignature wallets that require two or more private keys to sign and send a transaction to secure digital assets across different blockchains.
- According to Liminal, the company has eliminated manual operations by 90% and processed more than $2.5 billion in transactions, automated $400 million worth of transactions and collected about $50 million in protected assets in one year of operations.
- "Rapid adoption of digital assets is being driven by a number of novel crypto companies and institutions," said Vaas Bhaskar, Principal at Elevation Capital. "We were very impressed with Mahin's client focus and his team's knowledge of this space.
- Another investor, Balaji Srinivas, added, "As the saying goes, 'Not your keys, not your cryptocurrency.' Liminal is emerging as a viable alternative for cryptocurrency storage."
- Liminal provides services to clients such as exchanges, custodians, banks, trading desks, and hedge funds, addressing their primary concerns of ensuring key security while maintaining compliance.