Cryptocurrency ventures like Coindcx, Hashed, Cadenza Ventures, Vauld, Better Capital, and Sparrow Capital, also participated in the round.
Marquee angel investors like UK-based bitcoin advocate and tech entrepreneur Andreas Antonopoulos; Balaji Srinivasan, former chief technology officer of Coinbase; Sandeep Nailwal and Jaynti Kanani, the cofounders of Polygon Technologies, and Ajeet Khurana, founder of Singapore based Reflexical, were some of the other angel investors.
The startup plans to utilise the capital to hire more people and for product development.
Founded in 2021 by Mahin Gupta, Liminal offers wallet architecture to help secure digital assets across different blockchains.
Multi-party computation (MPC) is a cryptographic tool that allows multiple parties to make calculations using their combined data, without revealing their individual input, while MultiSig is a tool used to manage joint crypto accounts safely.
Discover the stories of your interest
Gupta is a co-founder of crypto exchange ZebPay.
“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,” Gupta said in a statement.
The plug-and-play platform provides 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 said on Tuesday.
Liminal said it had processed over $2.5 billion transactions in one year and automated transactions worth $400 million. It said it had around $50 million in assets under protection.
Liminal’s automated wallet solution makes it easier for crypto-native businesses, SMEs, and Web3 startups to manage their workflows across different blockchain protocols.
It provides services to clients such as exchanges, custodians, banks, trading desks, and hedge funds to help them securely scale their digital asset operations, according to the statement.
Liminal counts ZebPay, DIFX, and Flitpay as clients, and is currently focused on expansion in the Asia Pacific and Middle Eastern markets.
“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,” said Vaas Bhaskar, principal at Elevation Capital.