Digital Assets Management Platform Liminal Raises $4.7 million in Seed Funding Round
The company plans to invest the funds in hiring and product development
Digital assets management platform Liminal has announced a fundraise of $4.7 million in its seed funding round. The funding round was led by venture capitalists Elevation Capital. It also saw participation from other 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, among others.
The company, which works in securing digital assets, was founded in 2021 by Mahin Gupta, who also served as the cofounder for Zebpay, one of India's largest crypto exchanges, and Buysellbitco.in, India's first crypto exchange. Through his previous entrepreneurial ventures, Gupta always struggled with wallet providers. After leaving ZebPay in 2018, he started looking for a self-custody platform which he could use to manage his personal digital assets. He did not find any platform that could meet his requirements, so decided to build a self-custody platform in form of Liminal which not only served individuals but also for businesses- Liminal. Since its inception, the company has processed transactions over $2.5 billion, automated transactions worth $400 million, and has around $50 million in assets under protection.
Liminal's clientele includes companies like ZebPay, DIFX, and Flitpay, and is currently focused on expansion in the APAC and MENA region, eyeing dominance in the automated wallet infrastructure operation space.
"We will be using the funds to invest in hiring and product development," Gupta said. "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 added.
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 prime 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.
Vaas Bhaskar, Principal, 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."