Crypto-Focused MPC Developer Raises $40M

Multi-party computation, or MPC, is a subset of cryptography that distributes computation among multiple parties.

Multi-stakeholder computing (MPC) developer MPCH Labs has closed a Series A funding round totaling $40 million ahead of the planned launch of its digital asset mining platform Fraction later this year.

The funding round was led by Liberty City Ventures, the same venture capital studio that incubated MPCH Labs, with additional participation from QCP Capital, Global Coin Research, Polygon Studios, Quantstamp, LedgerPrime, Animoca and d 'others. To date, MPCH Labs has raised $50 million in venture capital.

The funding will be used to further develop MPCH Labs' first product, Fraction, 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 the same wallet without compromising their data. According to its developers, the MPC6 engine will create a "user-centric toolkit" for crypto-native and traditional institutions.

According to Cat Le-Huy, Chief Product Officer and Co-Founder of MPCH Labs, Fraction was designed to enable broader crypto adoption and will launch in Q4 2022.

“The use of MPC (beyond crypto or even in crypto) is to use MPC for process management,” Miles Parry, CEO of MPCH Labs, 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, multi-level approval processes."

The fight for privacy continues and Web3 is giving people the opportunity to take back the power. https://t.co/9PookGP9KN

As reported by Cointelegraph, organizations across the crypto ecosystem have turned to MPC as a way to advance Web3, a broad concept that alludes to a future...