Digital Asset Management Digital Wallet Interviews

Global Fintech Interview with Mahin Gupta, Founder at Liminal

Global Fintech Interview with Mahin Gupta, Founder at Liminal

Hi Mahin, please tell us a bit about your journey in the digital industry and how you started Liminal in 2021.

My crypto journey began in 2012 when I launched India’s first Bitcoin company, buysellbitco.in. Later, I also co-founded one of the country’s largest crypto exchanges, ZebPay. Over the past ten years of working and managing wallet infrastructure, I’ve managed billions of dollars in transaction volumes and digital assets with bank-grade security and performance. In Crypto, if you don’t control your keys, you don’t control your coins. Living this motto helped various family offices and organisations protect their digital assets through self-custody wallets.

While managing ZebPay, we had to work relentlessly to manage daily transactions, be the deposits or the withdrawals. However, most of it had to be done manually due to security reasons. This would be time intensive and operationally infeasible as it involved human intervention. Further, at an exchange level, since the funds are large, there is always a risk involved in terms of security implications. This made me want to create a platform focused on self-custody and automation, offering the utmost operational efficiency and security with minimal human intervention, all while providing ease of transacting.

Can you throw some light on how Liminal is contributing as an epicentre in the digital assets space?

At the outset, we are building a wallet operating system which allows Web3 companies to build better, is more secure and faster. Our platform is built on three layers – to provide key management, operational automation, and compliance for enterprises. Our automated wallet solution makes it easier for crypto-native businesses, SMEs, and Web3 startups to manage workflows across different blockchain protocols, saving significant development cost overhead. Furthermore, we aim to make wallet operations more secure, reliable, efficient and compliant.

Our extensive real-world experience in custody, key management, and security has led us to create a platform that is a step forward in wallet security, especially at the institutional level, where it is unfeasible to have a single key to unlock a wallet.

Also Read: Global Fintech Interview with Mark Fidelman, Chief Executive Officer at SmartBlocks

Recently, Liminal raised $4.7 million in its seed funding round; please tell us about your expansion plans to benefit in the digital asset domain.

We will use the funds to strengthen the product and team. Our product roadmap focuses on automation with our unique workflow engine and will make Web3 wallet infrastructure development a plug-and-play effort.

Could you please elaborate a little on how Liminal supports Web3 startups to manage their workflows across different blockchain protocols?

At Liminal, we are building the most secure and efficient wallet operating system to interact with Web3. With a focus on self-custody and automation, our zero key leakage platform makes it extremely easy and secure for Web 3 businesses to manage their digital assets without giving up control and ownership.

The existing players in this industry use multi-sig or MPC-based solutions for securing digital assets, but both have specific use cases. Rather than focusing on technology, we focus on workflow and use the best technology to support the workflow; hence we offer the best of both worlds. We differentiate ourselves across three core pillars – Technology, Efficiency and Compliance.

Since we come from a hardcore exchange experience, we have a competitive edge. In addition, our previous experience running ZebPay allows us to create products and features that make sense for our users. These can be used across various protocols, such as Polygon, Avalanche, Tezos, Cosmos, and Ripple.

The value of all existing cryptocurrencies is around $919 billion, with around $389 billion of that being Bitcoin which is more than 40%; what are your comments on this?

Bitcoin is the first and strongest cryptocurrency with clear fundamentals. It has been around for more than 13 years now. During this period, it has withstood many adversities, including being considered a scam, gambling money, regulatory scrutiny, civil war and several bear markets. It’s probably the only digital asset which is clear regarding its status of not being secure. Bitcoin’s market share in comparison with other cryptocurrencies may fluctuate; however, its fundamental value remains the strongest. A few years ago, sceptics questioned Bitcoin’s ability to exist, but now we have come to a phase where they ask about its performance.

Also Read: Global Fintech Interview with Rujul Zaparde, Co-Founder and CEO at Zip

With the world going totally on the web, we have concerns about data being compromised; what are your takes on the cybersecurity issues?

At Liminal, we take cybersecurity very seriously and have been working hard to provide a platform to our customers that is secure and compliant. We are ISO 27001 & 27701 and SOC 2 Type1 and Type2 certified entity securing a universal wallet management experience for several blockchains through our vaults. SOC 2 Type II audit essentially validates Liminal’s ongoing commitment to providing the highest level of security controls & compliance processes.

Security is a spectrum, and it is a never-ending journey. Since digital assets are valuable barrier instruments, they attract a lot more cyber attacks. However, at the same time, decentralisation and trustless applications open new opportunities to rethink the Web2 centralised security model.

For example, Ex Twitter founder Jack Dorsey is working on a new social media platform where users will own their identity and data. As the user experience and user acceptance improve, we will see more use cases move towards decentralised interfaces.

What is the biggest “digital challenge” you foresee?

Every fundamental technology has a steep learning curve and requires gradual public adoption. For example, the internet, smartphones, and e-commerce all had to overcome these challenges before seeing innovative use cases like Uber. This process often involves changing user behaviour and building supporting infrastructure.

Bitcoin and Web3 are transforming how we think about money, finance, and trust. While it may take some time for their significance to be fully recognised, it is clear that they are revolutionising these fundamental pillars of society. As more people become aware of their potential, we will see increased adoption and a greater understanding of their impact. Ultimately, Bitcoin and Web3 have the power to fundamentally alter the way we interact with each other and the world around us.

 How do you visualise the crypto industry for 2030?

When the Internet came, people tried to access the Internet with various inefficient methods like dial-up modems, phone lines and cyber cafes. At that time, the challenging application was how to access the Internet. But now we access things through the Internet, even our phones. The Internet exists, and we don’t have to look for it and learn how to use it. The same will happen with Bitcoin and Web3. At the moment, people are trying to access Web3 applications. Sooner or later, web3 adoption will spread globally, and I’m hopeful it will become a reality before 2030.

Also Read: Global Fintech Interview with Chaz Perera, Co-founder and CEO at Roots Automation

Any advice you would like to give the 300 million global crypto users?

As technology continues to advance, more efficient technologies will inevitably replace older, less efficient ones. This is especially true for Bitcoin and Web3, as they bypass their predecessors.

Once you start recognising Bitcoin and Web3 as better technology, you will have much better clarity on their future significance. In the process, you may or may not profit by building businesses, careers or investments. However, you will be a part of the story where you see how Bitcoin and Web3 transform society.

Thank you, Mahin! That was fun and we hope to see you back on globalfintechseries.com soon.

[To share your insights with us, please write to sghosh@martechseries.com]

Mahin Gupta is the Founder of Liminal. He previously worked at Zebpay as a Co-Founder. Mahin Gupta attended Hemchandracharya North Gujarat University.

Liminal Interview

Liminal is Bespoke Wallet Infrastructure that enables crypto exchanges, treasuries, and web3 companies to store and manage their digital assets in an easy and secured manner. Digital asset custody, simplified.

Liminal is an enterprise-grade platform that offers a robust infrastructure for managing digital assets. Liminal enables crypto-native companies to securely scale digital assets with operations through hardware devices backed by plug-and-play wallet architecture.

Liminal’s security-first approach allows projects to define customized policies and assign user roles based on their responsibilities. In addition, the zero-key leakage tolerance approach helps companies eliminate the risks associated with digital asset transfers, such as cyber-attacks, internal collusion, and human error.

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