News about custody

Google Cloud unveiled Google Multi-Party Compute, a key-signing service that splits control of a crypto key across several parties, such as a bank's own hardware, Google Cloud and a rival cloud provider, so no single provider holds the full key. The service is in private preview, with unnamed banks testing it and Alphabet using it for its Ethereum and Solana holdings. Customers set the signing threshold, such as 2-of-3 or 5-of-7, and a policy engine checks transactions against rules like spending caps; the article notes this verdict is advisory and enough signers can override a denial. General availability is targeted for early 2027 with no pricing disclosed, and the product puts Google up against BitGo, Fordefi and Fireblocks.

Google Cloud has detailed its preview Multi-party Compute (MPC) service for institutional Bitcoin custody ahead of its MPC Symposium in New York on Wednesday. The service lets financial institutions jointly authorize and sign crypto transactions without any single party controlling the full private key. The product remains in preview, meaning Google provides it as is with potentially limited support. Speakers at the symposium include representatives from institutions including Morgan Stanley, OKX, Citi and Wells Fargo. On Oct. 1, Google expanded its Bitcoin security rules to evaluate transaction amounts, identify destination address types and detect change outputs.

Google will unveil Google Multi-Party Compute (MPC), a service that splits a private key into fragments distributed across separate systems to help financial institutions custody and transfer cryptocurrencies and tokenized assets. The product is in private preview, with several design partners and major financial institutions testing it, and Alphabet has begun using it to secure its own assets on Ethereum and Solana; commercial availability is planned for early 2027, with pricing undisclosed. Chainalysis reported that compromised private keys accounted for 43.8% of cryptocurrency stolen in 2024, while DeFiLlama data showed $16.69 billion in cumulative hack and exploit losses as of June, roughly 40% linked to private-key compromises. Google says the complete private key is never stored in one place, reducing the risk of asset takeover even if a single machine is compromised.