Fintech Funding News

Liminal Raises $4.7 Million Seed Round Led By Elevation Capital

Liminal Raises $4.7 Million Seed Round Led By Elevation Capital

Liminal, a wallet operations infrastructure that secures digital assets in a simple and efficient way, has raised $4.7 million in its seed funding round led by Elevation Capital. The round also saw participation from prominent investors like LD Capital, Woodstock, Nexus Ventures, and crypto ventures like CoinDCX, Hashed, Cadenza Ventures, Vauld, Better Capital, and Sparrow Capital. There are also marquee angel investors like Andreas Antonopoulos, Balaji Srinivasan, Sandeep Nailwal, Jaynti Kanani, Ajeet Khurana, amongst others.

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Liminal is the first wallet architecture to provide the MPC and MultiSig to secure digital assets across different blockchains. This plug-and-play platform provides unmatched support to exchanges by eliminating manual operations by 90% and saving manual refill hours. Safe custody of digital assets is a key challenge faced by businesses and institutional investors, and custodians like Liminal will play a big role in facilitating the mass adoption of digital assets and Web3.

The company was founded in 2021 by Mahin Gupta. A serial entrepreneur, Gupta built India’s first blockchain company BuySellBitco.in. Prior to this, he co-founded ZebPay, one of India’s largest crypto exchanges. Through Liminal, he has embarked on a journey to simplify and automate wallet operations, and self-custody of digital assets for businesses and institutional investors.

Liminal has, in one year of operations, processed transactions over $2.5 billion, automated transactions worth $400 million, and has around $50 million in assets under protection. At its core, Liminal provides asset security and ease of transacting. Liminal’s automated wallet solution makes it easier for crypto-native businesses, SMEs, and Web3 startups to manage their workflows across different blockchain protocols, saving them significant development cost overhead. It provides services to clients such as exchanges, custodians, banks, trading desks, and hedge funds to help them securely scale their digital asset operations.

The primary concern regarding digital asset security is maintaining the safety of the keys while adhering to compliances. If this key is misplaced or lost, it could mean huge losses for the owners, whether individuals or businesses. This is why digital asset custody is of great value. Once investors are assured about the safety of their keys, it will mean more people gain trust in the cryptocurrency and related applications like Web3 commerce, DeFi, etc. Liminal Key is insured by one of the most trusted and reputable global insurers, making it a company that is future-ready.

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The company counts ZebPay, DIFX, and Flitpay as clients, and is currently focused on expansion in the APAC and MENA region, eyeing dominance in the automated wallet infrastructure operation space. The team at Liminal comes with over ten years of experience in running cryptocurrency exchanges, and it understands the difficulties businesses using wallet infrastructure face.

“We will be using the funds to invest in hiring and product development,” says Gupta. “With Liminal, we solve the very real problem of securing and scaling digital assets where users have to use different wallets and infrastructure for different protocols. Our three layers provide key management, operational automation, and compliance for enterprises,” he adds. Gupta is mentored by leading thought leader Andreas Antonopoulos, whose strategic advice has helped shape the business for Liminal. “The team at Liminal has an impressive record and extensive real-world experience in custody, key management, and security. Above all, they care about doing things the right way,” says Antonopoulos.

Vaas Bhaskar, Principal at Elevation Capital, said, “Rapid adoption of digital assets is going to be driven by multiple new-age crypto businesses and institutions. These businesses are increasingly demanding plug-and-play custody solutions that are built taking their unique needs into account, including security, regulatory readiness, and operational efficiency. We have been very impressed with Mahin and his team’s customer obsession and knowledge of this space. We are thrilled to partner with Liminal on this journey.”

“With a team of veterans that have already made waves in the Web3 landscape in the past, Liminal is bringing security and comfort to individual and institutional self-custody with its digital assets custody solution. We are delighted to support them in their journey to one of the most prominent names in the security and custody sector,” said Himanshu Yadav, Founding Partner at Woodstock.

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

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