Switch to seedless. Get 30% off with SWITCH30 till Nov 02Google unveils crypto custody system for banks
7 Security Google will launch a crypto custody system using MPC, letting banks secure digital assets by splitting private keys. The service is in private preview and set for release in early 2027.
Google is preparing to launch a new crypto custody security system called Google Multi-Party Compute (MPC). This technology is designed to help banks and financial institutions securely store and transfer cryptocurrencies and tokenized assets. Currently in private preview, the system is being tested by major financial institutions and is expected to be commercially available in early 2027. MPC technology works by splitting private keys into fragments, which are then distributed across separate environments. This ensures that no single machine ever holds the complete key, significantly reducing the risk of asset exposure if a device is compromised. Importantly, customers retain full control of their keys, and Google cannot access them in unencrypted form. The service aims to address threats such as credential theft and unauthorized transactions, with plans to support post-quantum cryptography in the future. Alphabet is already using the system to secure its digital assets on Ethereum and Solana. The official announcement was made at Google's first digital assets symposium in New York City.
