Google to launch secure multi-party computing service for crypto wallets

Google’s cloud division is set to unveil a new service aimed at enhancing the security of cryptocurrency wallets for financial institutions. The program, known as Google Multi-Party Compute, is currently undergoing testing by early adopters from the financial sector. Alphabet Inc., Google’s parent company, is already employing the technology to safeguard its Ethereum and Solana holdings.

Crypto wallets safeguard digital assets using private keys, which function similarly to passwords; however, if these keys are compromised, hackers can easily steal the wallet’s contents. To bolster wallet security, Google’s Multi-Party Compute service employs multi-party computation (MPC), a mechanism that divides private keys into multiple fragments and stores each on a distinct system.

This makes it significantly more challenging for hackers to obtain a complete key, as they would need to breach multiple devices. Users will have the flexibility to customize MPC according to their needs, such as determining the minimum number of key fragments required to approve transactions. This feature allows for the secure storage of some fragments in offline vaults, facilitating key recovery in case of data loss and streamlining regulatory compliance.

Furthermore, the service will enable the distribution of keys across Google Cloud, competing platforms, and on-premises hardware, ensuring compliance with user-defined policies through verification before transaction approval. The code responsible for policy checks will run in Google Cloud's Confidential Spaces, which are containers fortified with a custom operating system to prevent network intrusions.

Google has been testing Multi-Party Compute in private preview and aims to make it broadly available at the beginning of 2027.