Multi-party computation (MPC) developer MPCH Labs has successfully reeled in $40 million via Series A fundraising, prior to the planned release of its Fraction digital asset operating platform in 2022.
Specifically, the funding round was reportedly spearheaded by Liberty City Ventures, the similar venture studio that took care of incubation for MPCH Labs.
The funding round reportedly also had QCP Capital, Global Coin Research, Polygon Studios, Quantstamp, LedgerPrime, Animoca and others taking part in. Up to now, MPCH Labs has managed to obtain $50 million in venture financing.
The freshly acquired capital injection will be dedicated towards further development of MPCH Labs’ first offering, Fraction, an operating platform that supports institutions via providing protection for their crypto assets.
Fraction takes advantage of MPCH Labs’ MPC6 engine, which allows numerous parties to compute in the same wallet without compromising their data. As revealed by its developers, MPC6 engine will form 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 reportedly built with a purpose of enabling larger crypto adoption and will be released sometime in the final quarter this year.
“Use of MPC (beyond crypto or even within crypto) is to use MPC for process management. The policy engine for MPC6 can be used for any purpose where it makes sense to cryptographically bind multi-faceted and multilayered approval processes.” MPCH Labs CEO Miles Parry further remarked.
Establishments from throughout the crypto ecosystem have turned to MPC as an alternative for advancing Web3, a broad concept that refers to some future iteration of the internet.
Particularly, MPC is being used to build private key security and decentralization within Web3 systems as a way to boost privacy and confidentiality.