Crypto startup Utexo, co-founded by a Ukrainian, raises $7.5 million in funding
The Utexo startup, co-founded by Ukrainian Viktor Ignatyuk, received $7.5 million in investment to develop its product.
The Utexo startup, co-founded by Ukrainian Viktor Ignatyuk, received $7.5 million in investment to develop its product.
According to Scroll.media, this is a seed round of funding. It was led by Tether, Big Brain Holdings, and Portal Ventures. The investors also included Franklin Templeton, Maven11 Capital, Fulgur Ventures, Alchemy VC, Ethereal Ventures, Auros Ventures, Arcanum Capital, Paper Ventures, Axia8, FlowTraders, Plan B, Gate Ventures, Sats Ventures, and a number of business angels from the crypto industry.
Utexo is working on a service that should simplify USDT transfers on the Bitcoin network. In simple terms, the team wants to make it faster and more convenient for companies, exchanges, wallets, and other crypto services to make payments in the popular stablecoin without switching to other blockchains. To do this, the startup is creating its own payment infrastructure and API for integration.
Among the clients targeted by Utexo are crypto wallets, exchanges, payment providers, and trading platforms. That is, this is not an application for the mass user, but a technological product for businesses that works with crypto payments.
The startup has two co-founders — Chris Hutchinson and Viktor Ignatyuk. Ignatyuk is known as the founder of Boosty Labs, which was launched in 2017. Hutchinson previously worked at Polkadot. For the Ukrainian market, this deal is interesting because a new crypto project with a large international round has a co-founder from Ukraine.
The raising of such funds shows that investors are still willing to invest not only in cryptocurrencies as an asset, but also in services that build the basic infrastructure for payments. In the case of Utexo, the bet is that the demand for fast and convenient payments in stablecoins in the crypto ecosystem will only grow.
Previously, dev.ua wrote about how one of the world’s leading cryptocurrency exchanges MEXC published the results of a user survey for Q1-Q2 2025, reflecting the dynamics of global cryptocurrency adoption. The report shows how economic difficulties, cultural peculiarities, and market cycles affect crypto adoption, revealing sharp differences between regions.
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Read the country’s main IT news in our Telegram
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