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Liminal, a company that boasts of a first-of-its kind wallet architecture focusing on the safe custody of digital assets, has raised $4.7 million in its seed funding round.
Elevation Capital, a venture capital firm providing early-stage capital for startups in India, led the funding round.
Prominent Indian exchange CoinDCX participated in the funding, as did marquee 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 three co-founders of Zeb Pay, a prominent Indian crypto exchange.
Liminal claims to be the first wallet architecture to provide secure multiparty computation, or MPC, and multisignature wallets, which require two or more private keys to sign for and send a transaction, to secure digital assets across different blockchains.
According to Liminal, it has eliminated manual operations by 90%, and that in one year of operation it has processed over $2.5 billion in transactions, automated transactions worth $400 million and gathered around $50 million in assets under protection.
“Rapid adoption of digital assets is going to be driven by multiple new-age crypto businesses and institutions," said Vaas Bhaskar, principal at Elevation Capital. "We have been very impressed with Mahin and his team’s customer obsession and knowledge of this space.
Another investor, Balaji Srinivasan, added, "As they say, 'not your keys, not your crypto'. Liminal is emerging as a viable alternative for holding your crypto."
Liminal provides services to clients such as exchanges, custodians, banks, trading desks and hedge funds, addressing their prime concern of maintaining the safety of the keys while adhering with compliance.