Liminal

Liminal is an institutional-grade digital asset custody and wallet infrastructure platform serving exchanges, fintechs, OTC desks, hedge funds, and Web3 projects. Founded in April 2021 by Mahin Gupta and incorporated under First Answer Pte. Ltd. in Singapore, the company operates offices in India, the UAE, and Taiwan, and supports clients across twelve countries. The platform is built on the premise that managing digital assets at institutional scale requires more than a secure vault — it demands programmable policy controls, compliance tooling, and developer infrastructure that incumbents in traditional finance have not yet delivered.

Core Products

Liminal's platform divides into three primary service models, each targeting a different layer of institutional need.

Wallet-as-a-Service (WaaS) is Liminal's developer-facing offering. It provides API-driven wallet creation and management built on MPC (multi-party computation) and multi-signature technology. Clients can programmatically spin up hot, warm, or cold wallets, configure transaction policies, and automate routine operations such as wallet refills and asset consolidation. The Automation Engine handles these recurring workflows, while the Firewall layer enforces transaction governance rules before any transfer is broadcast on-chain. Liminal Express, the platform's RESTful API suite, exposes these capabilities to developers building custodial applications or integrating custody into existing products.

Managed Custody serves crypto investors, family offices, and asset managers that want institutional-grade storage without building their own infrastructure. Liminal handles key management, on-chain storage, compliance authorization, and auditing. Coverage through insurance providers is available, and the service integrates Travel Rule compliance to satisfy regulatory obligations across jurisdictions including Singapore, the UAE, and Europe.

Whitelabel Solutions allow banks, exchanges, and financial institutions to deploy branded custody products — either managing client keys directly or supporting a self-custody model — using Liminal's underlying infrastructure and API layer.

In March 2026, Liminal launched Liminal HSM Vaults in partnership with hardware security module manufacturer Securosys. The product combines Liminal's patent-pending MPC authorization protocol with Securosys HSMs, targeting regulated enterprises and banks that require hardware-rooted key security alongside programmable policy controls.

Technology Stack

The platform supports more than 20 blockchain networks including both EVM and non-EVM chains, with SOL and SPL token support available. Liminal supports over 1,200 tokens across its compliance tools. The transaction governance layer — Liminal's Firewall — applies configurable policies that screen transactions before signing, enabling pre-trade and post-trade sanctions screening alongside AML controls powered by an integration with Cyvers' AI-driven threat detection engine (partnership announced November 2025).

For supported chains, the mobile application provides maker-checker controls, requiring designated approvers to authorize transactions before they are finalized — a critical feature for institutions operating multi-person approval workflows. ISO 27001, ISO 27701, and SOC 2 Type 2 certifications are active.

Solana Integration

Liminal's Solana integration covers the full feature set available on the platform: hot wallet creation, multisig wallet support, deposit and withdrawal operations, SPL token custody, and both testnet and developer environment support. Solana's Durable Nonce Account mechanism is supported, which addresses the network's transaction expiry problem and enables offline signing workflows — an important capability for cold-storage and HSM-backed operations where signing cannot happen in real time.

SOL staking is available directly within Liminal Vaults via a partnership with Figment, one of the larger institutional staking infrastructure providers. Users can stake SOL without transferring custody of assets to a third party, track rewards in real time, enable automatic re-staking, and stake partially. Unstaking periods follow standard Solana epoch timing.

Scale and Business Development

By February 2026, Liminal reported crossing $100 billion in total transaction volume processed through the platform, with annual volume growing from $1.4 billion in 2022 to $72 billion in 2025 — a roughly fifty-fold increase over three years. The company claims to support more than 50 million Web3 users indirectly through its institutional clients.

Partnership activity has accelerated. In addition to the Securosys HSM Vaults launch, Liminal integrated with XREX, a cross-border stablecoin payments company, in June 2024, and expanded into Taiwan's regulated market through a partnership with Chainss in February 2026. The company expanded its EMEA sales leadership in November 2025 as part of a regional growth push.

Funding

In May 2022, Liminal raised a $4.7 million seed round led by Elevation Capital. Co-investors included LD Capital, Woodstock Fund, Nexus Ventures, CoinDCX, Hashed, Cadenza Ventures, Better Capital, Sparrow Capital, and Valud. Notable angel investors include Andreas Antonopoulos, Balaji Srinivasan, and Polygon co-founders Sandeep Nailwal and Jaynti Kanani. No subsequent institutional funding round has been publicly announced.

WazirX Security Incident

In July 2024, Liminal became centrally involved in one of the largest digital asset thefts to date. WazirX, a major Indian crypto exchange, used Liminal's multi-signature custody infrastructure to protect a portion of its funds. On July 18, 2024, attackers — subsequently attributed to North Korea's Lazarus Group — executed a sophisticated social engineering attack targeting WazirX signers. Three WazirX-controlled signatures were obtained by presenting malicious smart contract upgrade transactions disguised as routine transfers. Liminal provided the fourth and final signature, completing the transaction. Approximately $234.9 million in digital assets were drained.

Liminal commissioned Grant Thornton to conduct an independent forensic review. The audit concluded that the attack originated outside Liminal's systems and that Liminal's UI, backend, and infrastructure were uncompromised. WazirX disputed these findings, and the two parties publicly blamed each other. WazirX subsequently terminated its relationship with Liminal and underwent restructuring proceedings in Singapore. The incident did not involve Liminal's Solana infrastructure and was confined to the EVM-based wallet arrangement with WazirX.

Liminal published a detailed incident analysis and maintained that its platform remained secure throughout. The episode has been widely cited as a case study in the operational risks of multi-sig custody arrangements, particularly the vulnerability introduced when key holders operate on internet-connected devices susceptible to social engineering.

Positioning

Liminal positions itself against both traditional custodians — which it argues lack developer tooling and blockchain-native compliance infrastructure — and consumer-facing Web3 wallets, which lack the institutional-grade policy controls and certifications required for regulated entities. Its primary differentiation is the combination of programmable transaction governance, multi-technology key security (MPC, multi-sig, and now HSM), Travel Rule compliance, and staking access within a single unified platform.