Funding Round Highlights
MPCH Labs, a developer in multi-party computation (MPC), has wrapped up a sizable Series A funding round, raising a hefty $40 million. This cash infusion comes as the company gears up for the introduction of its Fraction digital asset operating platform later this year.
Who Brought the Dough?
The funding excitement was spearheaded by Liberty City Ventures, the venture studio that first nurtured MPCH Labs, along with additional contributions from heavyweights like QCP Capital, Global Coin Research, Polygon Studios, Quantstamp, and others. With this latest round, MPCH Labs has pooled a total of $50 million in venture financing.
Meet Fraction: The Future of Digital Asset Management
Fraction is set to take center stage, designed to help institutions securely manage their digital assets. At the core of this platform is the MPC6 engine, which allows multiple parties to compute within the same wallet while keeping their data under wraps. According to the masterminds behind it, this engine promises to deliver a practical toolkit for both cryptocurrency stalwarts and mainstream financial institutions.
Comments from the Leadership
Cat Le-Huy, chief product officer and co-founder of MPCH Labs, hinted at Fraction’s purpose for promoting broader cryptocurrency adoption, with a planned launch in the fourth quarter of 2022. Meanwhile, MPCH Labs’ CEO, Miles Parry, emphasized the versatility of their MPC technology, stating, “The policy engine for MPC6 can be used for any purpose where it makes sense to cryptographically bind multi-faceted and multilayered approval processes.” Talk about a digital Swiss Army knife!
MPC and the Push for Privacy in Web3
As the digital landscape evolves, so does the demand for privacy. MPC is increasingly being viewed as a crucial tool for building private key security and decentralization in the Web3 domain. This technology serves as a linchpin to foster privacy and confidentiality that many users crave as they navigate this new era of online interaction.
Venture Capital Trends in the Crypto Space
Despite the buzz surrounding MPC and MPCH Labs, the broader venture capital climate has faced turbulence. The crypto industry witnessed a staggering $1.36 billion in venture funding in August—marking a decline for the fourth month in a row and the lowest figures seen in a whole year. It’s a tough time for startups, but for those like MPCH Labs, innovation might just be their ticket to success.
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