Traditional cloud giants are entering the crypto custody market for large pools of capital, lowering the barriers for financial institutions to get into Bitcoin.
According to Cointelegraph, Google Cloud announced a preview of its institutional-grade Bitcoin MPC custody service. The company showcased the solution to institutions including Morgan Stanley and Citi at a summit in New York. The architecture allows multiple institutions to jointly authorize transactions, eliminating the risk of a single private key being exposed. This month, it also introduced security reviews for transaction amounts and change outputs.
For BTC, modularizing custody solutions at major tech companies can reduce the compliance costs for Wall Street back offices to integrate Bitcoin. One thing to watch is whether a U.S. publicly listed qualified custodian adopts this architecture between the fourth quarter of this year and early next year, which would serve as a sign that institutional capital is expanding its presence.
Not investment advice. Please assess the risks for yourself.
$BTC
According to Cointelegraph, Google Cloud announced a preview of its institutional-grade Bitcoin MPC custody service. The company showcased the solution to institutions including Morgan Stanley and Citi at a summit in New York. The architecture allows multiple institutions to jointly authorize transactions, eliminating the risk of a single private key being exposed. This month, it also introduced security reviews for transaction amounts and change outputs.
For BTC, modularizing custody solutions at major tech companies can reduce the compliance costs for Wall Street back offices to integrate Bitcoin. One thing to watch is whether a U.S. publicly listed qualified custodian adopts this architecture between the fourth quarter of this year and early next year, which would serve as a sign that institutional capital is expanding its presence.
Not investment advice. Please assess the risks for yourself.
$BTC