SINGAPORE, Nov. 14, 2022 /PRNewswire/ — The crypto crash is intensifying after one of the foremost institutions, FTX, started collapsing. Related blockchains, institutions and currencies started crumbling, with the price of Ether falling 16% on Tuesday, 8th November 2022. Amidst this, institutions and investors are losing trust in crypto while scrambling to secure their assets.
Today, Cobo, Asia-Pacific’s largest digital asset custodian and blockchain technology provider, releases its MPC-TSS custody technology as a solution to address the growing trust crisis in centralized institutions that plagues the crypto world. Cobo’s MPC-TSS solution uses a three-party co-managed approach, which eliminates the risk of a single point of failure and allows for secure control of assets in the event of one party’s failure. More importantly, any single party cannot unilaterally move assets under custody.
“The fundamental value of our MPC-TSS technology is the ability to offer co-custody as a co-managed solution. By using MPC-TSS technology, the private key is sharded and divided among different parties, each in charge of a key share, which will ultimately remove any single point of failure. Notably, the platform cannot unilaterally control the user’s funds”, said Dr Changhao Jiang, the CTO and Co-Founder of Cobo.
The failure of centralized solutions arises mainly because users have to give away their full control of funds to centralized institutions. An alternative to relying on regulations or licenses as a method of verifying credibility and establishing trust, technologies such as MPC-TSS applied in custody make it impossible for the platform to move its users’ funds. This removes the need for MPC-TSS custody users to trust the custodian not to move their funds, as trust is ingrained in the design of the technology itself.
On top of the security of the underlying private key distributed management, Cobo provides customers with a double risk control guarantee. Customers can build an internal risk control process based on a variety of different user roles and flexible and customisable combinations of risk control policies. This new technology reinvents custody solutions by giving users full control of their assets while keeping them secure at the same time.
Click here to find out more about Cobo’s MPC-TSS technology
Cobo is Asia Pacific’s largest digital asset custodian and blockchain technology provider, based in Singapore. Trusted by over 500 institutions and HNWIs to grow and protect their crypto assets, the company focuses on building scalable infrastructure and powering the Web 3.0 revolution around the world. As a strong blockchain infrastructure technology provider, Cobo provides SaaS (Software-as-a-Service) products such as WaaS (Wallet-as-a-Service), DaaS (DeFi-as-a-service), NaaS (NFT-as-a-Service), and Argus (The Smart Contract Based Custody).