Google Cloud is advancing a new service designed to enhance institutional Bitcoin custody through a multi-party computation (MPC) approach. The service allows financial institutions to jointly authorize and sign cryptocurrency transactions without any single entity having full control over the private key. This development was detailed in updated documentation released on Monday, with the service currently in preview mode, indicating limited support and availability.
The announcement comes ahead of Google Cloud’s MPC Symposium, scheduled for Wednesday in New York. The event will feature an exclusive reveal of Google’s MPC product and research projects, with participation from major financial institutions such as Morgan Stanley, OKX, Citi, and Wells Fargo. The symposium aims to showcase the latest advancements in secure multi-party computation technology.
Google Cloud’s MPC service builds on previous work, including Confidential Space, a cloud environment introduced in June to support secure multi-party computation and data sharing. The company has also been refining its Bitcoin security protocols, expanding rules on October 1 to evaluate transaction amounts, identify destination address types, and detect change outputs.
Cointelegraph reached out to Google Cloud and Rich Widmann, Google’s director of digital assets strategy, for further details on the service’s availability and launch timeline, but no additional information was provided.