Alphabet, the parent company of Google, is making a push into the cryptocurrency space with a new service called Multi-Party Compute (MPC). This platform aims to provide secure custody for cryptoassets by splitting private keys into fragments held by separate, isolated systems. The service is designed to prevent unauthorized transactions and will initially support Ethereum and Solana, among other cryptoassets.
The launch of MPC comes amid growing cybersecurity challenges in the crypto world, highlighted by a recent $6.3 billion hack of the Binance exchange. Google Cloud, which will offer the crypto custody service, already uses MPC to protect its own assets stored on Ethereum and Solana. This new service adds to Google's earlier crypto efforts, including the Google Cloud Universal Ledger (GCUL), a private blockchain launched in 2025.
Despite the potential demand for secure crypto custody solutions, analysts suggest that Google's new service is unlikely to significantly impact Alphabet's revenue. Google Cloud's Q3 2026 revenue was $30.7 billion, accounting for 24.1% of Alphabet's $127.6 billion total revenue. Even if MPC generates $1 billion in 2027, it would represent just 0.8% of Google Cloud's annualized revenue and a tiny fraction of Alphabet's overall top line.
The competitive landscape is crowded with existing crypto custody businesses and numerous blockchains vying for adoption by financial institutions. Additionally, the Google brand may not hold a particular advantage in the crypto product market. Therefore, while Alphabet's other businesses provide a strong case for investing in the company, the new crypto push is not expected to be a major factor in investment decisions.