Google to Unveil Institutional Crypto Security System, Targeting Commercial Launch Early Next Year

Google plans to introduce a security system for institutions using cryptocurrencies and tokenized assets, with a commercial launch targeted for early next year.

CoinDesk reported on October 28 that Google was set to introduce Google Multi-Party Compute, or MPC, at an event in New York that day. The product is currently in a private preview, where Google partners and large financial institutions are testing it.

Google plans to commercialize MPC early next year. It has not disclosed the names of institutions participating in the preview or pricing for the service.

MPC is a technology that distributes control of a private key, which authorizes asset transfers, across the computers of multiple participants. A transaction can be approved only when each participant's cryptographic information operates at the same time. By spreading control of the private key across multiple systems, the structure lowers the risk of asset theft if one system is hacked.

Google MPC combines MPC-based signing, transaction policy settings and key recovery functions into a single system for cryptocurrency use. The goal is to reduce the burden on financial institutions that would otherwise need to assemble those functions separately to build their own security systems.

Alphabet, Google's parent, has also recently applied the technology to protect its own cryptocurrencies on the Ethereum and Solana blockchains. It did not disclose which cryptocurrencies it holds.