Gemini, a crypto platform, has acquired Shard X, a developer of secure multi-party computation (MPC) cryptographic technology.
As part of the acquisition, Gemini will integrate Shard X’s MPC technology into its distributed, multi-site key management and signing infrastructure.
The acquisition is also set to increase the speed of transferring customer assets and provide support for new asset listings and usage on the Gemini platform.
Gemini has more than $30 billion of crypto assets under custody, serving a range of individual and institutional customers.
The addition of Shard X’s MPC will work in concert with all other aspects of Gemini’s custody offering, which includes role-based governance protocols, multiple layers of biometric access controls, and physical security to safeguard the sensitive key material, safely stored in government-rated hardware security modules (HSMs), that controls customers’ assets.
“Integrating MPC technology into our wallets will enable secure and faster crypto transfers that will help our customers keep pace with liquidity needs and market demands,” comments Tyler Winklevoss, CEO of Gemini.
Blair Halliday, head of UK, Gemini, adds: "Across the institutional and retail crypto markets globally, there is growing demand for instant and secure access to digital assets. Integrating Shard X's MPC technology into Gemini's custody enables us to provide rapid withdrawals and transfers with more efficiency, as well as allowing us to list new assets more quickly."
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