Utopia Labs
Utopia Labs was developed as a stablecoin studio and crypto on/offramp service.
Website: https://www.utopialabs.com/
HQ: San Francisco, California, United States
Active Markets: Global and United States
Problem Addressed
Infrastructural frictions and limited services between Web3 companies and traditional banks make it difficult for individuals and businesses to easily enter and exit the crypto ecosystem.
Project Description
Initially providing crypto services to DAOs, Utopia Labs eventually expanded, growing to feature three products: a payments app and digital wallet, a USDC stablecoin bank transfer service for business use cases, and a crypto offramp facilitating transfers directly into bank accounts. Utopia served use cases including digital asset business payroll services and crypto finance and venture capital funding.
Business Data
Status: Pivoting
Constituency Served: Enterprise, general public
Networks: Ethereum
Known Investors: Circle Ventures, Gusto, Distributed Global, CoinBase Ventures, Kindred Ventures, Fourth Revolution Capital, Infinity Ventures Crypto, Paradigm, Spice Capital, Ascend Venture Capital
Additional References: N/a
Progress to date
Utopia Labs raised $23 million in a 2022 funding round led by venture capital firm Paradigm. The project announced in October 2023 that they would be shutting existing product services to pivot away from their business model at that time. CEO Kaito Cunningham emphasized that the company would not be shutting down, but taking time to move away to pivot to a different direction.
Business Model
Utopia charged a 0.3% transaction fee on transfers.
Traction
Utopia labs had worked with hundreds of organizations, including Friends with Benefits and PleasrDAO.