Crypto Infrastructure Provider Utila has raised $22 million in its latest funding round, which almost triples its rating in the last six months, the company told Coindesk.
The round was led among investors by Red Dot Capital Partners with NYCA, Wing VC, DCG and CERCA partners, extending the March Series A funding round to $40 million.
Founded in New York and Tel Aviv, Utila offers a digital asset management platform tailored for businesses using Stablecoins. The system handles payments, finance and trading functions, providing compliance and continuity capabilities to businesses. The company’s customers include payment providers, neobanks and asset managers, reflecting an increase in dollar page token usage in global finance.
Stablecoins has attracted attention this year from outside of Crypto Surcles as a killer application for blockchain technology. The sector, which is now a $270 billion market, could disrupt cross-border payments as a faster and cheaper alternative to traditional financial rail, proponents say. Major banks like Amazon’s Walmart and global retailers are reportedly considering using Stablecoins.
Stripe, a payment company that acquires IPOs for Stablecoin Startup Bridge and USDC Stablecoin Issuer Circle, was the “Bitcoin ETF moment” for adopting Stablecoin.
Utila was not actively seeking new funds, but received inbound offers just as Stablecoin demand skyrocketed, Rabi said. Since March, the company has doubled its customer base and now processes more than $15 billion a month.
With most of the original series AA Capital still unused, Utila has chosen to extend the round to accelerate its expansion into rapidly growing markets such as Latin America, Africa and Asia Pacific.
Read more: Asian Morning Briefing: Are Stablecoins “Engine of Global Dollar Demand” or 2008 Style “Liquidity Crunch”?
