What Liminal Custody does

Liminal Custody is a Singapore-headquartered institutional digital asset custody and wallet infrastructure platform operating under the legal entity First Answer Pte Ltd. The company builds MPC (Multi-Party Computation) and Multi-Sig wallet infrastructure layered with Hardware Security Module (HSM) integration, automation tooling, and a compliance policy engine. Its modular product portfolio includes Wallet Infrastructure, Institutional Custody, Institutional Staking, HSM Vault (FIPS 140-2 Level 3 via partnership with Securosys), an Automation Engine, a Firewall/governance module, a Compliance module, a Whitelabel solution, the Liminal Express developer API, and iOS/Android mobile applications. The platform supports over 1,200 tokens across more than 20 blockchains and has processed in excess of $100 billion in total on-chain transaction volume across nearly 5 million transactions.

The company serves 80+ institutional clients across 12 countries, with named customers including India's ZebPay (5.5M+ users, $24B+ trade volume), Indonesia's Digital Exchange, multi-asset platform DiFx, and India-based Web3 browser Veera. Target segments span cryptocurrency exchanges (primary), OTC desks and brokerages, Web3 platforms, hedge funds, family offices, market makers, and PE/VC firms. Distribution combines direct enterprise field sales with channel partnerships, notably a 2026 partnership with Taiwan Mobile and SYSTEX for Taiwan market expansion ahead of the country's Virtual Asset Service Act.

Liminal's revenue model is enterprise B2B and not publicly disclosed, but is built around subscription-based fees for the custody and wallet infrastructure platform, usage-based fees for the Liminal Express API, professional services-style staking pass-through revenue, and custom whitelabel deployments. Pricing is quote-based with annual contracts. The company holds SOC 2 Type II, ISO 27001, and ISO 27701 certifications, and has raised $4.7 million in seed funding (June 2022) led by Elevation Capital, with participation from Coinbase Ventures, LD Capital, CoinDCX, and Sandeep Nailwal.

Name

Liminal Custody

Legal name

First Answer Pte Ltd

Website

https://liminalcustody.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

101–250 employees

Short description

Liminal Custody is a Singapore-headquartered institutional digital asset custody and wallet infrastructure platform offering MPC and Multi-Sig wallets, HSM-backed cold custody, compliance tooling, and developer APIs to exchanges, brokers, hedge funds, family offices, and banks across 12 countries.

Ownership category

akta.pro rank

Product category

Digital Asset Custody

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Digital Asset Custody & Key Management (MPC, HSM, Wallet Infra) (FSAGAMAB)

akta.pro secondary industries

Custody Technology Platforms (Custody-as-a-Service) (FSADACAB), Institutional Custody & Qualified Custodians (HSM-backed, segregated custody) (FSAPACAD), Multi-Signature Wallets & Governance Controls (FSADACAG)

Keywords

• Institutional digital asset custody
• Wallet infrastructure platform
• MPC wallet security
• Crypto custody services
• Digital asset compliance

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Wallet Infrastructure Platform: API-driven wallet-as-a-service platform for institutional clients to build and manage MPC and Multi-Sig wallets. Revenue generated through platform fees, transaction processing fees, and infrastructure usage charges.
2. Custody Services: Institutional digital asset custody with compliance integrations, insurance coverage options, and secure storage infrastructure. Platform fee structure for custody operations.
3. Institutional Staking: Non-custodial staking services for institutions through partnerships with validator providers (Figment, Nobi Labs). Revenue appears to be pass-through with no fees charged by Liminal for staking access.
4. Whitelabel Solutions: Custom custody application development using Liminal's backend infrastructure for enterprise clients requiring branded solutions.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Liminal Custody provides institutional digital asset custody and wallet infrastructure built on Multi-Party Computation (MPC) and Multi-Signature (Multi-Sig) technologies. Its modular platform enables exchanges, hedge funds, banks, and other institutions to securely create, manage, and automate digital asset wallets with bank-grade security, compliance integrations (KYC/AML/Travel Rule), and developer APIs across 20+ blockchains and 1,200+ tokens.

Product overview

Liminal Custody is an institutional digital asset custody and wallet infrastructure platform built as a modular portfolio of interconnected products. The core offering consists of Wallet Infrastructure (MPC and Multi-Sig powered wallets) and Institutional Custody (bank-grade custody with compliance), supported by add-on modules including HSM Vault (hardware security module integration), Automation Engine (transaction automation), Firewall (governance policies), Compliance (regulatory integration), Institutional Staking (proof-of-stake yield), and Whitelabel Solution (custom branding). Liminal Express provides developer APIs for integration, while the Mobile App enables on-the-go transaction management. These products work together as an integrated platform: wallets are secured through MPC/multi-signature technology, protected by HSM cold storage, managed through automated policies, and monitored for compliance—all accessible via APIs or the user interface.

Differentiator

Problem solved

Functional benefit

Products and services

• Wallet Infrastructure MPC (Multi-Party Computation) and Multi-Sig powered secure wallet management solution enabling institutions to build and manage wallets at scale with enterprise-grade security across 20+ blockchains and 1,200+ tokens.
• Institutional Custody Bank-grade digital asset custody platform with compliance integration, Travel Rule monitoring, insurance coverage options, and secure storage infrastructure for institutional asset management.
• Institutional Staking Non-custodial staking solution enabling institutions to stake assets from cold wallets while maintaining MPC security, with real-time reward tracking and custom staking policies through Figment-powered validator partnerships.
• Whitelabel Solution Custom custody application builder using Liminal's backend MPC and Multi-Sig wallet infrastructure, enabling businesses to deploy branded custody solutions to their end customers.
• HSM Vault Hybrid MPC and HSM cold custody solution developed in partnership with Securosys, combining Liminal's patent-pending MPC protocol with FIPS 140-2 Level 3 certified Hardware Security Modules for bank-grade security.
• Automation Engine Wallet operations automation solution enabling automated sweeps, refills, and consolidation processes to scale operations and reduce manual effort while ensuring transaction confirmation guarantees.
• Firewall Transaction governance and authorization policy management system adding security, compliance, and automation layers to all digital asset transactions with maker-checker controls.
• Compliance Compliance integration module providing KYC/AML monitoring, Travel Rule compliance checks (via Notabene), and real-time address screening to meet regulatory requirements across jurisdictions.
• Liminal Express Developer API platform providing RESTful APIs for fast-tracking secure infrastructure development and enabling third-party integration with Liminal's wallet and custody features.
• Liminal Mobile App (Liminal Vaults) Mobile application for iOS and Android enabling institutional teams to manage, approve, and protect digital assets with portfolio overview, maker-checker controls, and Travel Rule checks on-the-go.

Quantifiable outcome

• 50x volume growth from $1.4B (2022) to $72B (2025) annual transaction volume
• +2 more outcomes

Named customers4 records

Segments7 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature8 records

Partnerships

Seven partnerships are on record, tiered core.

• Taiwan MobilecoreChannel Partner/ Reseller/ Distributor · 29 April 2026Strategic partnership with Taiwan Mobile and SYSTEX to distribute institutional-grade digital asset custody and wallet infrastructure in Taiwan. Targets banks, virtual asset service providers (VASPs), and enterprises ahead of Taiwan's expected Virtual Asset Service Act passage. Taiwan Mobile is expanding under its 'Telco+Tech' strategy to integrate blockchain technology and Web3 services.
• SYSTEXcoreChannel Partner/ Reseller/ Distributor · 29 April 2026Strategic partner alongside Taiwan Mobile for distributing institutional-grade digital asset custody infrastructure in Taiwan. Combined expertise in telecommunications and technology integration for blockchain services.
• SecurosyscoreTechnology or Integration · 24 March 2026Launch of Liminal HSM Vaults - institutional-grade security solution combining Liminal's MPC protocol with Securosys Hardware Security Modules. Achieves FIPS 140-2 Level 3 certification for banks and enterprises entering digital asset markets. Targets security and compliance demands in institutional digital asset sector.
• ChainsscoreStrategic or Co-development Partner · 10 February 2026Partnership with Taiwan-based Chainss to upgrade its wallet infrastructure to meet Taiwan's regulatory compliant custody standards. Provides institutional-grade protection with shared control over user funds, supporting Taiwan's evolving regulatory framework.
• FigmentcoreTechnology or IntegrationValidator partnership for institutional staking services. Figment-powered nodes provide reliable validator infrastructure with reduced slashing risk for proof-of-stake blockchain networks.
• Nobi LabscoreTechnology or IntegrationValidator partner for TRX (TRON) staking services. Nobi Labs provides validator infrastructure for TRON network staking with approximately 3.2% APR.
• NotabenecoreTechnology or IntegrationIntegration for Travel Rule compliance. Notabene provides Travel Rule protocol integration enabling Liminal to offer compliance monitoring and information sharing with receiving institutions.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Fireblocks: Fireblocks is a leading institutional digital asset custody and transfer platform using MPC technology. Directly competes with Liminal in serving exchanges, hedge funds, and banks with wallet infrastructure and custody-as-a-service.
• Anchorage Digital: Anchorage is a federally chartered digital asset bank offering institutional custody and trading. Competes with Liminal in the institutional custody segment, particularly with regulated US-based clients.
• BitGo: BitGo is a major institutional digital asset custodian and wallet provider serving exchanges and institutional clients globally. Overlaps directly with Liminal on custody, multi-sig wallets, and institutional staking services.
• Cobo: Cobo is an Asia-based institutional digital asset custody and wallet infrastructure provider with MPC and HSM offerings. Closely comparable to Liminal in target customers (Asian exchanges, funds) and technology stack.
• Hex Trust: Hex Trust is an Asia-focused institutional digital asset custodian with licensed custody operations. Directly competes with Liminal for Asian institutional clients including exchanges and family offices.
• GK8 (by Galaxy Digital): GK8 provides institutional-grade MPC-based custody solutions with patented cold vault technology. Competes directly with Liminal HSM Vaults in the bank-grade institutional custody segment.

Broad incumbents

• Coinbase Custody: Coinbase Custody is the institutional arm of Coinbase, offering cold storage custody for digital assets. Broader incumbent leveraging Coinbase exchange scale and US regulatory standing.
• Ledger Enterprise: Ledger Enterprise extends the consumer hardware wallet leader into institutional custody and self-custody solutions. Broad incumbent with overlapping institutional wallet infrastructure offerings.

Emerging players

• Safeheron: Safeheron is an open-source MPC custody and self-custody infrastructure provider. Emerging player with overlapping technology (MPC-based) and partial overlap in institutional wallet infrastructure.
• MetaMask Institutional: MetaMask Institutional extends the world's most-used Web3 wallet into institutional use cases. Liminal integrates with MetaMask Institutional, but it also represents an emerging competitor for institutional wallet access.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/LmnlHQ
• YouTubeyoutube.com/@LiminalCustody
• LinkedInlinkedin.com/company/lmnlhq
• Instagraminstagram.com/liminalhq/?hl=en
• Facebookfacebook.com/LmnlHQ

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liminal Custody