Liminal

Liminal is an institutional digital asset custody and wallet infrastructure platform founded in 2021 by the team behind ZebPay, one of India's largest cryptocurrency exchanges. The company positions itself at the intersection of security engineering and institutional compliance, offering custody solutions to crypto exchanges, Web3 platforms, hedge funds, market makers, OTC brokers, and family offices that need to manage digital assets at scale without sacrificing control or regulatory adherence.

How It Works

Liminal's security architecture combines Multi-Party Computation (MPC) and multi-signature (Multi-Sig) technologies to eliminate single points of failure in private key management. Rather than holding a complete private key in any one location, the platform splits and distributes key material across cloud-based key shards, mobile key storage, and encrypted offline recovery packages — all backed by FIPS 140-2 validated Hardware Security Modules (HSMs).

The platform offers three core product tracks:

Wallet as a Service (WaaS) is an API-driven infrastructure layer for exchanges and digital asset businesses. It covers the full lifecycle of wallet management: key generation, policy enforcement, asset automation, and transaction signing. The RESTful API integration is accessible through Liminal Express, the company's developer portal.

Managed Custody provides institutional-grade safeguarding in segregated client accounts. Assets are held with insurance coverage, regular on-chain audits, and proof-of-reserve reporting. Client assets are kept separate from both Liminal's own assets and from other clients.

Whitelabel Solution is a customizable custody platform aimed at banks and financial institutions that want to operate their own branded custody service on top of Liminal's infrastructure.

Key Features

Automation Engine handles wallet refills and asset consolidation automatically, removing the operational risk of manual fund movements. Institutions can define consolidation policies that trigger based on balance thresholds or time schedules.

Firewall is a transaction governance layer that enforces custom authorization policies before any transfer proceeds. It sits between transaction initiation and execution, allowing teams to define rules around amounts, destinations, time windows, and required approvers.

Maker-Checker Controls enforce multi-party approval workflows through the Liminal Vaults mobile app. Every pending transaction requires the specified number of co-signers to review and approve before it executes, with a full audit trail of decisions.

Compliance Stack integrates with Notabene for Travel Rule compliance across jurisdictions, and with TRM Labs for AML and CFT transaction screening. The platform also supports KYC and KYB monitoring workflows and is built around the PMLA regulatory framework.

Institutional Staking allows organizations to stake assets directly from cold wallets without moving funds to a hot wallet first, preserving the security posture while participating in staking rewards.

Supported Assets and Blockchains

Liminal supports 21+ EVM and non-EVM chains including Ethereum, Solana, Bitcoin, BNB Chain, Polygon, Avalanche, Arbitrum, Optimism, Tron, Cardano, Cosmos, Ripple, Tezos, Stellar, Polkadot, NEAR, Algorand, Dogecoin, Litecoin, and others. The platform covers 1,200+ tokens across these networks, with new chain and token integrations added on an ongoing basis.

Solana Integration

Solana is a supported chain on Liminal with dedicated wallet management and staking infrastructure. Institutions can stake SOL directly from warm MPC wallets without moving assets off-platform. The staking workflow proceeds in three steps: enabling the staking feature for the organization, creating a separate on-chain staking account within the Solana wallet, and executing the staking transaction through the standard approval threshold. Rewards begin accruing approximately two days after activation, and gas fees are deducted from the activation amount rather than billed separately.

Multi-signature approvals apply to staking actions in the same way they do to regular transfers — the minimum required co-signers from the initiator and signer teams must approve and sign before any staking transaction settles on chain. This ensures staking operations remain subject to the same governance controls as asset transfers.

Liminal has also addressed Solana's transaction reliability at scale by implementing Nonce Accounts, which resolve intermittent transaction failure issues that can affect high-volume institutional operations on the network. Staking integrations run through Figment as a validator partner, which handles the underlying delegation and reward distribution.

Security and Certifications

Liminal holds CCSS Level 3 certification — the highest tier of the CryptoCurrency Security Standard administered by the CryptoCurrency Certification Consortium (C4) — making it one of the few custody platforms globally to achieve this designation. The CCSS Level 3 audit covers comprehensive key management, cryptographic security, and operational controls.

Additional certifications include:

• ISO 27001 and ISO 27701 — information security management and privacy information management
• SOC Type II — independent attestation of security, availability, and confidentiality controls over a defined audit period
• FIPS 140-2 validated HSMs — hardware validation for cryptographic modules used in key operations

Client assets are held in individually segregated accounts and covered by insurance protection, though specific coverage limits and the insuring entity are not disclosed in public materials.

Team and Backing

Liminal was founded in 2021 by Mahin Gupta, who began his crypto career in 2012 by launching buysellbitco.in, India's first Bitcoin exchange. Gupta later co-founded ZebPay, which became one of India's largest crypto exchanges and processed billions of dollars in transaction volume. The broader Liminal founding team consists of wallet engineers who identified security vulnerabilities and operational gaps while managing ZebPay's wallet infrastructure at scale.

The company has received backing from Elevation Capital, Hashed, CoinDCX, LD Capital, Nexus Ventures, Woodstock, Better, and Cadenza. Notable technical advisors include Andreas Antonopoulos (Bitcoin educator and author), Balaji Srinivasan (entrepreneur and former CTO of Coinbase), and Sandeep Nailwal (co-founder of Polygon).

Ecosystem Fit

Liminal operates at the institutional custody layer of the Solana ecosystem. Its primary audience is exchanges, market makers, hedge funds, and Web3 platforms that hold significant SOL or SPL token balances and require enterprise-grade key management, compliance controls, and operational automation. The staking-from-cold-wallet capability and Nonce Account integration address two of the more operationally challenging aspects of institutional Solana participation: secure custody during staking and reliable high-volume transaction submission on a congestion-sensitive network.