Liberty City Ventures leads the 40 million dollar series A

Liberty City Ventures leads the 40 million dollar series A

The Technology Venture Studio MPCH Labs, which develops multi-party computing technology (MPC), has completed a series A worth $ 40 million under the direction of Liberty City Ventures.

Other investors who have participated in the round are QCP Capital, Mantis VC, Human Capital, Global Coin Research, Ledgerprime, Finality Capital, OAK HC FT, Polygon Studios, QuantSamp and Animoca Brands.

Chairman Miles Parry and Chief Technology Officer Cat Le-Huy, founders from MPCH, have designed their company with the view to make it safer than the traditional MPC architecture.

In general, MPC technology is a cryptographic tool that enables several people to evaluate a calculation without revealing private information-so that no person can see the data of another party. The technology is from institutional custody providers such as Z Feuerblocks and Qredo as well as wallet dapps from Coinbase and zengo .

After Parry and Le-Huy noticed how the MPC technology is used in various areas of the crypto industry, they wanted to develop an engine that is safer than conventional MPC architecture.

"We built MPC6, our iteration of MPC," said Parry in an interview with Blockworks.

The MPC6 engine was designed in such a way that it is safer than the conventional MPC architecture-according to Parry, it enables several signatories, authorizers, more approved and viewer in the same wallet.

"And with this technology we start fraction, a walleting service provider who certainly manages digital assets cryptographically and on zero-knowledge-based," said Parry.

fraction was developed and beta-tested with over 30 different design partners and will be the first product of MPCH that will probably come onto the market in the next few months.

Although Parry did not announce the exact number of customers who have expressed interest in the product, he noticed that “it was very gratifying to see how many customers came to us and said that we would like to use their products.”

The latest fundraising campaign of $ 40 million will enable MPCH to continue scaling their products, said Parry.

"Now we start and develop functions, products and features for our customers," he said. "We want to make it affordable for small startups and give them the same tools as big institutions."

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The contribution Liberty City Ventures Leads $ 40m Series A is not a financial advice.