Liminal Custody was founded in 2021 by Mahin Gupta, a co-founder of the Indian exchange ZebPay who now runs Liminal as founder and CEO. First Answer Pte. Ltd. in Singapore owns and operates the platform. The About page lists group companies in Singapore, Dubai, Abu Dhabi, Mumbai and Taipei. Elevation Capital led a $4.7 million seed round in May 2022, joined by CoinDCX, Hashed, LD Capital and Nexus Venture Partners. In March 2026 Liminal said it had passed $100 billion in cumulative on-chain volume and was serving more than 80 businesses across 12 countries.
Custody model and security
The platform runs MPC wallets and multisig wallets side by side. Clients can operate their own warm MPC wallets and cold multisig wallets through the Vaults web and mobile apps, or place assets with Liminal's custody service. For that service, Answer Eleven Pte Ltd acts as sole custodian of the private keys and holds client tokens apart from its own. Its April 2025 client disclosure says all custodied assets sit in cold wallets. A separate HSM Vault product combines MPC signing with Securosys hardware security modules and targets banks that want hardware-backed cold custody on their own premises or through partners.
Liminal says it has completed a SOC 2 Type II audit and holds ISO/IEC 27001 and 27701 certifications. It also claims CCSS Level 3 status and names Walnut Security Services as its penetration testing partner.
Regulation and insurance
The ADGM Financial Services Regulatory Authority granted First Answer Middle East Limited a permission to provide custody of virtual assets on May 9, 2024. The FSRA public register shows that permission withdrawn effective March 20, 2025, and lists no regulatory action against the firm. In Dubai, First Answer Custody FZE received initial approval from VARA in April 2024, CoinDesk reported, but the entity does not appear on VARA's public register of licensed firms in October 2026. Answer Eleven describes itself as an exempt digital payment token custody provider under Singapore's Payment Services Act that is not yet fully licensed. In May 2024 Liminal said its Indian unit, First Answer India Technologies, was registered as a reporting entity with the Financial Intelligence Unit (FIU-IND). It also announced a Hong Kong Trust or Company Service Provider license from the Companies Registry in May 2023.
Canopius, a Lloyd's syndicate, wrote a $50 million policy for Liminal in 2022, placed by Costero Brokers, that covers loss of the keys Liminal holds. A November 2023 company post says the cover is split among clients in proportion to their assets under protection. The current homepage points clients to partner insurers for asset cover.
Products and integrations
The product line covers wallet-as-a-service, institutional custody, white-label custody apps and staking from cold wallets through Figment-powered validators. Developers connect through Liminal Express, a REST API and SDK with role-based keys and HMAC request signing, and MPC nodes can run on a client's own AWS server. Compliance tooling pairs Travel Rule messaging from Notabene with address screening from TRM Labs. Liminal lists 1,200+ supported tokens, and its documentation names 20 chains, among them Bitcoin, Ethereum, Solana, Tron, XRP Ledger and Kaia. In September 2026 it launched Liminal Prime, an OTC and stablecoin liquidity service with two desks where Liminal trades as principal and a request-for-quote tool called Bridge for dealing directly with approved liquidity providers. The principal desks are not offered in the UAE, India, Singapore or Taiwan.
Founders
MG
Mahin GuptaCEO
Best for:Crypto exchanges running their own hot, warm and cold walletsOTC desks and fintechs that need wallet-as-a-service with policy controlsBanks testing hybrid MPC and HSM cold custody
Pros and cons
Pros
1,200+ supported tokens across 20 documented chains
MPC and multisig wallets plus a Securosys-based HSM vault on one platform
SOC 2 Type II report and ISO/IEC 27001 and 27701 certifications
Staking from cold wallets through Figment-powered validators
Liminal Express API and SDK with HMAC signing and self-hosted MPC on AWS
Cons
ADGM custody permission withdrawn in March 2025, and the Dubai entity is absent from VARA's license register
Singapore custody entity is exempt under the Payment Services Act, not fully licensed
Only insurance on record is a 2022 $50M key-loss policy shared among clients
About $235M was stolen from a WazirX multisig wallet on the platform in 2024, with the two firms disputing the cause
Our review
3.0/5
Fair
Liminal offers broad wallet tooling and 1,200+ tokens, but its licensing has thinned since the ADGM custody permission was withdrawn in 2025, and its Singapore custody unit described itself as exempt, not fully licensed, in April 2025. It fits exchanges running their own wallets better than funds that need a licensed custodian of record.
Security2.5
Compliance2.0
Asset support3.5
Features4.0
Support3.5
Liminal's draw is the amount of wallet tooling under one roof. MPC and multisig wallets, an HSM vault for banks, Figment-run staking and white-label apps all sit on one platform with one API, and token coverage passes 1,200 assets. ZebPay, the exchange Mahin Gupta co-founded, is a named client, and CoinDesk reported in 2024 that India's Central Bureau of Investigation had appointed Liminal to manage seized digital assets. A SOC 2 Type II report and two ISO certifications give compliance teams documents to review.
Licensing is the weak side. The ADGM custody permission lasted about ten months before its withdrawal in March 2025, the Dubai approval from April 2024 has not appeared on VARA's register, and the Singapore custody entity still called itself exempt rather than licensed in its April 2025 disclosure. A March 2026 comparison post on Liminal's own blog still lists the ADGM license. Funds whose rules require a licensed custodian of record will struggle to fit Liminal into that role, and the only insurance on record is a $50 million key-loss policy from 2022 shared among all clients.
The WazirX theft is the main incident tied to the platform. On July 18, 2024, attackers took about $235 million from a WazirX multisig wallet with five WazirX signers and one Liminal signer. Liminal says WazirX created that self-custody wallet and imported it onto the platform, and that Liminal cannot initiate transactions in the product. It says its own platform and infrastructure stayed secure. WazirX said a Mandiant review found its laptops uncompromised and pointed to Liminal, while a Grant Thornton review commissioned by Liminal found no compromise in Liminal's transaction workflow. WazirX ended the custody arrangement in August 2024, and a joint U.S.-Japan-South Korea statement in January 2025 attributed the theft to North Korea's Lazarus Group.
Liminal fits exchanges and OTC desks that want to run their own wallets with institutional controls, and banks testing hybrid HSM custody. Since September 2026 the group has also traded as principal through Liminal Prime, which puts a dealing desk next to the custody business.
Listings are researched and drafted with AI assistance from public sources, then checked for accuracy and readability. Spot an error? Tell us. Editorial policy. Facts last checked Oct 28, 2026.
Not disclosed by the provider: Regulated, Insurance, Licenses & charters, Qualified custodian.
Data from the provider's website and public sources, checked Oct 28, 2026. Fees and availability change; confirm on the official site before you sign up.
Key features
MPC and multisig wallets
Warm MPC wallets and cold multisig wallets run on one platform, with multisig available on 14 of the 20 documented chains.
HSM Vault
Hybrid MPC and HSM cold custody built on Securosys hardware security modules, deployable on premises or through partners.
Institutional staking
Clients stake from cold wallets through Figment-powered validators and can pull a rewards report through the API.
Liminal Express API
A REST API and SDK with role-based keys, HMAC request signing and an option to run MPC on the client's own AWS server.
Firewall and compliance
A transaction firewall works alongside Notabene Travel Rule messaging and TRM Labs address screening.
White-label custody
Businesses can launch their own branded custody applications on Liminal's back end.
Inside Liminal Custody
1
Wallet infrastructure
Wallet-as-a-service with hot, warm and cold wallets built on MPC or multisig.
2
Institutional custody
Custody through Answer Eleven Pte Ltd in Singapore, which holds client keys and keeps assets in segregated cold wallets.
3
HSM Vault
A hybrid MPC and HSM cold custody product aimed at banks.
4
Staking
Proof-of-stake staking from custody wallets on networks including Ethereum, Solana, Cardano and Cosmos.
5
Liminal Prime
An OTC and stablecoin liquidity service launched in September 2026 with two principal OTC desks and the Bridge request-for-quote tool.
User reviews
No user reviews yet. Have you used Liminal Custody? Share your experience below.
FAQ
Is Liminal Custody regulated?
In May 2024 Liminal said its Indian unit was registered with India's Financial Intelligence Unit (FIU-IND), and its Singapore custody entity operates as an exempt digital payment token custody provider under the Payment Services Act, per its April 2025 disclosure. The ADGM custody permission granted in May 2024 was withdrawn effective March 20, 2025.
Is Liminal a qualified custodian?
Liminal does not hold a trust or bank charter. Its April 2025 client disclosure says the Singapore custody entity, Answer Eleven Pte Ltd, is not yet fully licensed under the Payment Services Act.
Who owns Liminal Custody?
First Answer Pte. Ltd. of Singapore owns and operates the Liminal platform. Mahin Gupta, a co-founder of ZebPay, founded Liminal in 2021 and is its CEO.
What insurance covers assets at Liminal?
In 2022 Canopius, a Lloyd's syndicate, wrote a $50 million policy covering loss of the keys Liminal holds, placed by Costero Brokers. Liminal said in 2023 that the cover is shared among clients in proportion to their assets under protection.
How is Liminal linked to the 2024 WazirX hack?
On July 18, 2024 about $235 million was stolen from a WazirX multisig wallet with five WazirX signers and one Liminal signer. Liminal says WazirX created the wallet and imported it onto its platform and that Liminal's systems stayed secure, while WazirX said its Mandiant review pointed to Liminal. A joint U.S.-Japan-South Korea statement in January 2025 attributed the theft to North Korea's Lazarus Group.
Does Liminal support staking?
Yes. Staking runs through Figment-powered validators, and Liminal's chain list marks staking on Ethereum, Solana, Cardano and Cosmos.
How many assets does Liminal support?
Liminal says it supports more than 1,200 tokens. Its developer documentation lists 20 chains, including Bitcoin, Ethereum, Solana, Tron and XRP Ledger.
Does Liminal have a SOC 2 report?
Liminal says it completed a SOC 2 Type II audit. It also holds ISO/IEC 27001 and 27701 certifications and claims CCSS Level 3 status.
India’s tokenisation conversation is moving from policy to practice, and India Blockchain Week (IBW) Conference 2026 @IBWofficial brings founders, banks, and regulators into one room this week.
Manhar @Garegrat will speak on “Issue, Hold, Distribute: Who Builds India’s Tokenisation Value Chain?” India issued its first tokenised corporate bonds in September, worth ₹1,000 crore across two issuers on NSE. The session looks at who takes on each stage of that chain, from issuing the asset to holding it to getting it to investors.
Meet the team on the ground:
Manhar @Garegrat, SVP, India and Global Partnerships
shilpa81422 @shilpa81422 , CAME Sharma, Manager, Compliance
Arnab Das, Head, Global Communications, Public and Corporate Affairs
If you are building digital asset or wallet infrastructure in India and want to talk through tokenisation, compliance, or scaling securely, let’s connect.
When one transfer is regulated in two jurisdictions, what does a custodian need from each regulator before it holds the asset?
Our Chief Commercial Officer, Rajesh Sabari, took this question at the GFTN Tbilisi Finance Summit 2026. He covered common standards for KYC and screening, policy controls over each approval, and segregation of assets to reduce counterparty risk.
He closed on finality. A blockchain may show a transfer as complete, while a regulator may wait until the funds reach a bank account.
Watch the full video for his take on what finality should mean across borders.
