Fraction equips institutions with a fully configurable operating platform that allows users to self-manage digital assets, wallets, and workflow policies with best-in-class security.
NEW YORK, Sept. 27, 2022 /PRNewswire-PRWeb/ -- MPCH Labs, Inc. (MPCH.io), a tech venture studio developing the next generation of Multi-Party Computation (MPC) technology, announces the completion of its $40M Series A funding round. The funding round was led by Liberty City Ventures and also includes QCP Capital, Mantis VC, Human Capital, Global Coin Research, LedgerPrime, Finality Capital, Oak HC FT, Polygon Studios, Quantstamp, and Animoca Brands. MPCH was incubated at Liberty City Ventures (LCV). LCV has a history of co-founding and incubating prominent infrastructure companies in the blockchain sector. With the completion of the Series A round, this brings total funding to-date to $50M.
MPCH Labs was born out of the belief that MPC technology is the foundation for a new world of trade, technology and commerce. Building on this foundation, MPCH developed its proprietary MPC6 engine, which is designed with the goal of being far more secure than traditional MPC architecture, and enables multiple signers, authorizers, approvers, and viewers in the same wallet.
"The wealth of Miles' and Cat's expertise in technology, finance, and security can only be outweighed by the team they've assembled. Through strong leadership and a team deeply immersed in MPC technology, we believe the MPC6 engine will help broaden the MPC ecosystem for the crypto market and beyond," stated Darius Sit, Co-Founder and CIO of QCP Capital.
The Series A funding will support the continued development and deployment of MPCH Labs' first product, Fraction, which will launch in Q4 of this year. Fraction leverages the cryptographic agility of the MPC6 engine to create versatile, user-centric toolkit for both the crypto-native as well as TradFi institutions.
Miles Parry, CEO and Co-Founder of MPCH Labs, shared "MPC6 has incredible potential as global infrastructure technology, significantly raising the standard for privacy, authenticity and security online. With Fraction, we bring MPC6 into the crypto space, enabling both traditional and crypto-native institutions to operate securely and in compliance with regulation and risk management."
Fraction is designed to empower users to self-manage assets, wallets, and workflow policies to suit their specific needs. With Fraction, institutions can grant access to one or a set of wallets to multiple users, all while maintaining the security of their assets in a user-friendly environment.
"Fraction was never about building a better MPC wallet. Fraction was about driving crypto to succeed and enabling wider-adoption outside of the crypto-native world. By providing resilient, secure, and extensible infrastructure around multi-permissioned MPC wallets, we believe that we can play a part in unleashing the full potential of crypto," stated Cat Le-Huy, Chief Product & Technology Officer and Co-Founder at MPCH Labs.
Jeffrey Evans, Co-Founder & Partner at MANTIS Venture Capital, said, "When we launched MANTIS alongside the Chainsmokers in 2020, we set out on a mission to invest in companies that inspire a forward-thinking and creative view of the world to solve important problems. The sheer cryptographic agility built into Fraction by MPCH Labs, allows market makers to rapidly onboard new and exotic protocols with the same confidence and security as legacy products. This is the starting block for a richer, more diverse world of trade, technology, and commerce."
Adam Winnick, founding partner of Medici Network and Finality Capital Partners, said, "There's no doubt in my mind that in five years more institutions will hold more tokens. Fraction has the best MPC-technology solution to help make that happen."
Miles Parry added, "As the market continues to mature, institutions need a security solution that can adapt to the environment and scale with their team. We're very pleased to be able to provide that to clients with the launch of Fraction."
To learn more about MPCH and Fraction, visit fraction.cc.
For media inquiries, please contact Phil LeRoy at (310) 260-7901 or Phil(at)MelrosePR(dot)com.
About MPCH
MPCH Labs was founded on the belief that Multi-Party Computation (MPC) technology is the foundation for a new world of trade, technology, and commerce. The company was architected by former physical security, cyber security, technology, and financial experts to deploy MPC technology in such a way that maintains its complexity while enabling scalability. MPCH dramatically extends what's possible with MPC technology by using cutting-edge technology and bringing industry-leading best practices across the security and crypto world.
About Fraction
Fraction, a creation of MPCH Labs, is a fully configurable operating platform that enables institutions to safeguard their own digital assets in a secure and decentralized way. Fraction allows users to self-manage digital assets, wallets, workflow policies and permissioning. By enabling users to self-administer a highly configurable product and leverage the cryptographic agility of MPCH Labs' MPC6 engine, institutions of any size can enjoy a next generation security solution coupled with enterprise functionality in a product designed to adapt and scale with its users' needs.
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