Google Cloud is previewing a crypto custody and security service aimed at banks and other financial institutions. CoinDesk reported on October 28 that Google Multi-Party Compute is in private preview and not yet generally available, with commercial availability planned for early 2027. Pricing has not been disclosed.
The system splits a private signing key into fragments held in separate systems, so no single machine holds the full key. In one example setup, a bank keeps one share in Google Cloud, one on its own hardware and one with another cloud provider. Before any transaction is signed, a policy engine inside Google’s Confidential Space checks institutional rules such as transfer limits, approved destination wallets and multi-department approvals. Signing thresholds are configurable, for example 2-of-3 or 5-of-7. Google says customers keep control of their key material and that it cannot access keys in unencrypted form.
Several design partners and large financial institutions are testing the product, but Google did not name them. Google says the service supports fast signing and key recovery, though CoinDesk noted it provided no independently verified performance comparisons with existing custody products. Post-quantum signing is planned without a timetable.
CoinDesk also cited caveats: banks may still depend on Google for software, policies and operations, security depends on how approval rules are configured, and the design does not protect against users being tricked into approving malicious transactions. Rivals include Fireblocks, Fordefi and BitGo.
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