Multi-party computing (MPC) developer MPCH Labs has completed a $40 million Series A funding round ahead of its planned launch of its fractional digital asset processing platform later this year.
The funding round was led by Liberty City Ventures, the same venture studio that created MPCH Labs, with additional participation from QCP Capital, Global Coin Research, Polygon Studios, Quantstamp, LedgerPrime, Animoca and others. To date, MPCH Labs has raised $50 million in venture financing.
The grant will be used to further develop MPCH Labs’ first product segment, an operating platform that enables institutions to securely protect their digital assets. Fraction uses MPCH Labs’ MPC6 engine, which allows multiple parties to compute in a single wallet without corrupting their data. According to the developers, the MPC6 engine creates a “user-centric toolset” for both crypto-native and traditional institutions.
According to MPCH Labs Chief Product Officer and Co-Founder Kath Luhy, Fraction is designed to enable wider crypto adoption and will launch in the fourth quarter of 2022.
“The use of MPC (beyond crypto or even within crypto) is to use MPC for process management,” MPCH Labs CEO Miles Parry told Cointelegraph in a written statement. He can.”
The fight for privacy will continue, and Web3 will give people a chance to take back their power. https://t.co/9PookGP9KN
— Cointelegraph (@Cointelegraph) April 25, 2022
As reported by Cointelegraph, organizations from all over the crypto community see MPC as a way to advance Web3, which represents a broader Internet of Things. Specifically, MPC is being used to enhance private key security and decentralization in Web3 systems such as privacy and confidentiality.
Related: CryptoBiz: Have you seen what Africa is doing with Web3?
On the topic of venture capital, the crypto bear market has released startups in recent months. The blockchain industry raised $1.36 billion in venture funding in August, its fourth consecutive monthly decline and the lowest level in a year, according to Cointelegraph Research.