Google pitches crypto custody to banks with key-splitting service set for 2027

Google Cloud has unveiled Multi-party Compute (MPC), a custody service that breaks a crypto signing key into separate shares held in different places so no single party controls the whole key. The product is being pitched to banks, and Google says that the commercial launch will come in early 2027. How does Google’s key-splitting work? In the crypto space, whoever holds the private key controls the assets. However, that setup has also posed a problem that has long troubled institutional custody, and that is the fact that storing that key in one place makes it a single target. MPC was built to solve that very problem, as it avoids assembling a full key in the first place.

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