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About Liminal
Liminal is an institutional digital asset custody and wallet infrastructure platform founded in 2021, headquartered in Singapore with offices in India and the UAE, serving exchanges, Web3 companies, hedge funds, and market makers. It targets the key-management and operational risks institutions face when holding digital assets: wallets are built on multi-party computation (MPC) and multisig so no single person can move funds, automated sweeps and refills between hot and cold wallets follow policy engine rules, and the Liminal Firewall enforces multisig approvals, address whitelists, and transaction limits. On the compliance side it bundles Travel Rule monitoring, address screening, and KYC/AML integrations, and holds SOC 2 Type II, ISO 27001, and 27701 certifications.
In the custody market, Liminal ships wallet-as-a-service, custody-as-a-service, and staking-as-a-service as a bundle, dividing labor with in-house vault builds and hardware custody; in March 2026 it launched HSM Vaults with Securosys, layering its MPC authorization protocol onto FIPS 140-2 Level 3 certified Primus HSM hardware for banks and enterprises. Its risk policy explicitly declines to endorse privacy coins, with asset coverage prioritizing compliant tokens.
Liminal is an institutional digital-asset custody and wallet infrastructure provider founded in 2021 and headquartered in Singapore, whose founder Mahin Gupta previously started Indian exchange ZebPay. It does not build retail wallets; it supplies exchanges, stablecoin and cross-border payment firms and banks with an MPC plus HSM plus multi-signature base, layered with Travel Rule, KYT and outflow firewall modules. Its Indian entity is registered with FIU and it holds a VASP anti-money-laundering registration from Taiwan's Financial Supervisory Commission.
Scale jumped in 2025: October alone processed USD 11.9 billion, a company record, and the full year handled 1.8 million transactions with annual volume rising from USD 1.4 billion in 2022 to USD 72 billion in 2025. On the product side it launched an HSM Vault with Securosys in Taiwan in September 2025 at FIPS 140-2 Level 3; added institutional TRON staking with Nobi Labs in November; turned HSM Vault into a bank-facing line in March 2026; and on 29 April signed Taiwan Mobile and Systex, with Taiwan Mobile taking general agency for the island, disclosing more than USD 120 billion processed cumulatively, over 80 clients, 12 countries and 130-plus staff.
Strategy and roadmap: Liminal is moving custody from key safekeeping to a compliance channel, trading jurisdictional licence position for orders from banks and payment firms and then raising revenue per client through staking, HSM and risk modules. In June 2026 its custody sub-brand Chainberg received in-principle approval from Dubai's VARA, though it remains at IPA stage and cannot yet operate. The unresolved burden is the July 2024 WazirX breach of roughly USD 230 million, where Liminal was one of the custodians and blamed the exchange while the exchange blamed it; a Grant Thornton review it commissioned denied responsibility, but Delhi police's cyber unit says it did not fully provide logs and technical data from the day of the incident, and that remains unavoidable in institutional due diligence.
Mahin Gupta — Founder & CEO; launched BuySellBitCo.in, India's first Bitcoin exchange, in 2012 and later co-founded ZebPay.
Rajesh Sabari — Chief Commercial Officer; leads global business development and institutional partnerships.
Chakravarthi Muppalla — Chief Product Officer; owns the wallet and custody product suite.
Anurag Pareek — General Counsel; responsible for legal, regulatory and licensing matters.
Liminal Custody obtained an anti-money-laundering registration as a Virtual Asset Service Provider (VASP) from Taiwan's Financial Supervisory Commission (FSC)， and operates regulated digital asset custody across Singapore， the UAE and India.