Google Debuting a Bank-Grade Crypto Custody Tool Built on Split Keys: Report

The product is currently in private preview with several financial institutions, and Alphabet has already begun using it to secure its own assets. Google plans to make the system commercially available in early 2027, though pricing details have not been disclosed yet.

Security Innovation

Google's Multi-Party Compute applies advanced cryptographic techniques to split signing keys across separate parties or machines. A transaction requires a specific number of fragments to be signed, ensuring the full key is never assembled in one place. This approach creates a distributed security model that prevents single points of failure.

Google says it has no access to key shares in unencrypted form

Market Response

The launch addresses persistent security issues in the crypto space, with Chainalysis attributing 43.8% of cryptocurrency stolen in 2024 to compromised private keys. DeFiLlama data shows roughly 40% of the $16.69 billion lost to hacks through June resulted from key compromises.

Google enters a market currently led by Fireblocks, Fordefi, and BitGo, leveraging its banking relationships and security expertise to gain an advantage. The company positions itself as a neutral supplier for banks that prefer not to rely on competitors.