Key facts
- Google's new system uses multi-party computation (MPC) to safeguard digital assets.
- The system distributes private key parts across separate environments.
- Commercial availability is planned for early 2027.
- AI and quantum computing threats are driving the need for enhanced crypto security.
Google Cloud is preparing to launch a new crypto custody security system designed to protect digital assets for financial institutions. The service, which utilizes multi-party computation (MPC) to split private keys across multiple secure environments, aims to counter sophisticated cyberattacks, including those potentially amplified by artificial intelligence and future quantum computing capabilities. Alphabet, Google's parent company, is already utilizing the system for its own digital assets on the Ethereum and Solana blockchains. Google Cloud detailed its Multi-party Compute (MPC) service in documentation updated Monday, positioning the preview product for institutional Bitcoin custody. The service remains in preview, meaning Google provides it as is, with potentially limited support. The documentation update preceded Google Cloud’s MPC Symposium, taking place Wednesday in New York. Commercial availability is slated for early 2027.