Multi-party computation (MPC) developer MPCH Labs has concluded a Series A funding round totaling $40 million ahead of the planned launch of its Fraction digital asset operating platform later this year.
The funding round was led by Liberty City Ventures, the same venture studio that incubated MPCH Labs, with additional participation fro QCP Capital, Global Coin Research, Polygon Studios, Quantstamp, LedgerPrime, Animoca and others. To-date, MPCH Labs has raised $50 million in venture financing.
The funding will be used to further develop MPCH Labs’ first product, Fraction, an operating platform that enables institutions to securely safeguard their digital assets. Fraction utilizes MPCH Labs’ MPC6 engine, which enables multiple parties to compute in the same wallet without compromising their data. According to its developers, MPC6 engine will create a “user-centric toolkit” for both crypto-native and traditional institutions.
According to Cat Le-Huy, MPCH Labs’ chief product officer and co-founder, Fraction was designed to enable wider crypto adoption and will be launched sometime in the fourth quarter of 2022.
“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. “The policy engine for MPC6 can be used for any purpose where it makes sense to cryptographically bind multi faceted and multi layered approval processes.”
The fight for privacy continues, and Web3 gives people the opportunity to take their power back. https://t.co/9PookGP9KN
— Cointelegraph (@Cointelegraph) April 25, 2022
As reported by Cointelegraph, organizations from across the crypto ecosystem have looked to MPC as a means to advance Web3, a broad concept that refers to some future iteration of the internet. Specifically, MPC is being used to build private key security and decentralization within Web3 systems as a way to boost privacy and confidentiality.
Related: Crypto Biz: DID you see what Africa is doing with Web3?
On the topic of venture capital, the crypto bear market has taken the wind out of startup raises in recent months. The blockchain industry generated $1.36 billion worth of venture funding in August, the fourth consecutive monthly decline and the lowest level in a year, according to Cointelegraph Research.