Google Cloud is developing a digital asset custody service that uses multi-party computation (MPC) to help banks and financial institutions secure Bitcoin and other crypto assets without relying on a single private key.

The service, called Google Multi-Party Compute, distributes cryptographic key shares across separate environments allowing multiple parties to jointly authorize transactions without reconstructing the complete private key in one location.

The system also allows institutions to

• establish transaction limits,

• restrict destination addresses, and

• set approval thresholds before transfers are signed.

Google says the design aims to reduce the risk of stolen credentials or compromised systems leading to unauthorized asset transfers.

The service is currently in private preview with commercial availability targeted for early 2027. Google’s parent company, Alphabet, has begun using it to secure digital assets on Ethereum and Solana while financial institutions are testing the technology.

The move puts Google in competition with specialist crypto security providers such as Fireblocks, BitGo, and Fordefi as banks expand into digital asset custody and tokenized financial products.

The launch comes as private-key compromises remain a major source of crypto theft highlighting the growing importance of institutional-grade security infrastructure as traditional finance adopts blockchain technology.

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