Key Takeaways
- Cobo and Google Cloud join forces to pioneer a cloud-hosted MPC wallet-as-a-service solution.
- This collaboration holds significant potential for the blockchain and asset custody industry.
- Cobo, a leading global digital asset custody provider, brings expertise, while Google Cloud contributes its robust cloud computing capabilities.
As integrations and collaborations in the crypto-sphere continue, today, Cobo and Google Cloud have announced that they are joining hands. This collaboration is one of a kind, as the future impact on blockchain and the asset custody industry is pivotal. The objective, goals, and focus of this collaboration include developing a cloud-hosted MPC wallet-as-a-service solution, amongst others. So, let’s dive deeper into the intricacies of this collaboration.
The Collaboration
Headquartered in Singapore and established in 2017, Cobo stands as a prominent worldwide provider of digital asset custody solutions. It has gained recognition as one of the largest global custodians of digital assets, earning the trust of more than 500 institutional clients across various regions such as Asia, Europe, the Middle East, North America, and South America. Cobo manages assets worth billions of dollars.
Cobo offers a comprehensive range of custody technologies, including full custody based on Hardware Security Modules (HSMs) and co-managed custody utilizing Multi-Party Computation (MPC). Moreover, the platform also has a fully decentralized self-custody relying on smart contracts.
Beyond custody services, Cobo also extends its offerings to Wallet-as-a-Service, SuperLoop (an off-exchange settlement network), and Argus (which provides on-chain DeFi strategies and tools with role-based access controls). Furthermore, Cobo holds certifications for SOC 2 Type 1 and Type 2 compliance and has obtained licenses in the United States, Singapore, Hong Kong, Lithuania, and Dubai (with provisional approval for a Virtual Asset License).
Google Cloud, on the other hand, is a leading cloud computing platform that offers a wide array of cloud-based services and solutions for businesses and developers. The platform encompasses a diverse range of services, including Google Compute Engine for virtual machines, Google Kubernetes Engine for container orchestration, and Google Cloud Storage for data storage needs.
Through this collaboration, the MPC wallet technology is expected to further advance. With Cobo MPC lite, users get a secure and affordable Self-Custody for Web3 companies of all sizes, including startups. With a cloud-hosted MPC wallet-as-a-service solution, businesses, developers, and the broader crypto community will benefit at large.
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