Banking Consortium Tests Post-Quantum Cryptography with Multi-Party Computation

The banking consortium is testing multi-party computation (MPC) using lattice-based cryptography on NEAR Protocol's quantum-resistant testnet. The pilot involves running wallet generation and on-chain transfer simulations with a non-custodial 2-of-2 MPC design, where both parties must participate in every signing event.

Safeheron is leading the development of the MPC protocol and the ML-DSA-65 lattice-based digital signature standard used for post-quantum cryptography. The consortium has committed to open-sourcing the code after the testing phase and publishing a whitepaper covering pilot findings.

The participant list includes Bison Bank, DK Bank, the Abu Dhabi Global Market, and the Malta Financial Services Authority. This cross-jurisdictional character gives the pilot significant regulatory momentum, aligning with broader efforts in Singapore and Hong Kong to establish frameworks for fintech innovation and quantum preparedness.