Cobo, a leading crypto custody solution provider, has joined forces with Google Cloud. The collaboration aims to enhance Cobo’s innovative Multi-Party Computation (MPC) Wallet Service, sending it to new levels of scalability, security, and efficiency.
Google Cloud Brings Rock-Solid Security
As crypto has become an essential part of the global financial market, the security of digital assets remains a top concern. From individual investors to large enterprises, everyone is looking for trustworthy platforms to secure their digital fortunes. The partnership between Cobo and Google Cloud aims to meet this growing demand by offering enhanced security infrastructure built on advanced cryptographic techniques.
At Web3 Connect Google’s Singapore office, Cobo Finance announced the integration, aiming to empower businesses and developers to integrate a plug-and-play wallet infrastructure and build custom features on top of it.
Cobo’s Multi-Party Computation (MPC) Wallet Service does not rely on a single point of security as MPC distributes cryptographic operations across multiple parties. This means that even if one system is compromised, the overall security of the wallet remains intact. The technology has been gaining traction for its robustness against a wide array of cyber threats, from hacking attempts to internal fraud.
Google Cloud will serve as the backbone for scaling Cobo’s MPC Wallet Service. By leveraging Google Cloud’s high-performance computing resources and data analytics, the partnership aims to make the MPC service more accessible and efficient. Enhanced speed, real-time analytics, and automated security checks are just a few of the advancements expected from this collaboration.
By amalgamating Cobo’s cutting-edge MPC technology with Google Cloud’s immense computing capabilities, the partnership is poised to provide impenetrable security and remarkable efficiency.
Cobo Marks Significant Steps In Its Roadmap
Cobo’s MPC Wallet-as-a-Service (WaaS) employs state-of-the-art Multi-Party Computation (MPC) technology to execute a Threshold Signature Scheme (TSS). In this setup by Cobo, fragments of the private key are independently created in secure settings, then encrypted and spread across multiple parties. These participants can collaboratively authenticate transactions, all while keeping their individual segments of the private key undisclosed to each other and without ever fully assembling the complete private key at any moment.
Cobo is also making milestones in the DeFi market as it unveiled Cobo Argus V2, a next-generation on-chain solution for managing digital assets that features role-based access control and unparalleled risk management at the parameter level. With enhanced capabilities for authorizing DeFi strategies, delegating team roles, and mitigating risks, Cobo Argus V2 provides organizations and teams with frictionless access to DeFi and unmatched efficiency in their workflows.
Cobo stands as one of the world’s leading custodians for digital assets, enjoying the trust of over 500 institutional clients spread across Asia, Europe, the Middle East, and the Americas and overseeing billions in assets.Â
The company delivers a wide-ranging set of custody solutions that span from full custody utilizing Hardware Security Module (HSM) technology to co-managed custody based on Multi-Party Computation (MPC), all the way to completely decentralized self-custody facilitated through smart contracts. Beyond these custody offerings, Cobo also furnishes Wallet-as-a-Service and SuperLoop, an off-exchange settlement network.
