Liminal partners with Dubai-based Magik Labs to provide MPC hot wallet service in Mena

Partnership will enable creation of a series of transit payment wallets


Somshankar Bandyopadhyay

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Published: Wed 14 Dec 2022, 3:02 PM

Bespoke wallet infrastructure brand Liminal is rapidly expanding its base in the Middle East and North Africa (Mena) region to strengthen its market penetration. Liminal will now provide multi-party computation (MPC) hot wallets to the Dubai-based payment gateway platform Magik Labs.

Through this partnership, Liminal will empower Magik Labs to create a series of transit payment wallets to receive payments from their users. These payments will then be converted to desired tokens or NFTs via connectivity to other decentralised exchange (DEX) aggregators, over the counter (OTC) desks or trading platforms. Liminal’s MPC hot wallets will enable transit wallet addresses and provide automation of transaction flows.

Hot crypto wallets are connected to the internet and typically used to hold a small amount of digital assets for day-to-day transactions.

Manan Vora, senior vice president - strategy and operations at Liminal said: “Our partnership with Magik Labs is a part of our continued efforts to strengthen Liminal’s position in the Mena region as the first choice of businesses for digital wallet infrastructure services. The Mena region has emerged as a superhighway of innovation in crypto-related products and services nurtured by healthy regulations from competent authorities. We will continue to explore like-minded partners in the region to build the Liminal brand and for creating a secure crypto ecosystem for Mena users”.

Himanshu Bamoria, co-founder of MagikLabs, said: “Being a payment gateway for Web3 dApps, we wish to create a series of transit payment wallets to receive payments from our users. These payments will further be converted to desired tokens or NFTs via connectivity to other DEX aggregators, OTC desks or trading platforms. Hence, MPC hot wallets can be extremely beneficial for our business as it can provide desired transit wallet addresses and also provide automated transaction flows. We liked Liminal’s smart automation, especially for gas fees when users deposit in US dollar tokens (USDT), which is extremely important to us as a payment gateway.”

Liminal has over $200 million assets under protection and has recently processed transactions worth more than $4 billion. With its focus on Asia-Pacific and Mena regions, the platform is running on an accelerated growth trajectory by growing aggressively in client acquisition, especially in markets like South Korea, Hong Kong, Japan, Africa (Nigeria), Indonesia, India and Dubai.

Liminal says it aims to create unique solutions that can add real value to businesses and customer experience. Its hybrid architecture uses proprietary algorithms to offer customised solutions that are plug-and-play and cost-efficient.

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