Google Debuting a Bank-Grade Crypto Custody Tool Built on Split Keys: Report

Google is reportedly unveiling Google Multi-Party Compute, a crypto custody system that splits signing keys across separate systems, at its first digital assets symposium in New York today. The product is in private preview with several financial institutions. Alphabet has started using it to secure its own assets, according to CoinDesk reporting.

Google plans commercial availability in early 2027 and has not disclosed pricing.

The system applies multi-party computation to a signing key. The key is divided into fragments held by separate parties or machines, and a transaction requires a set number of fragments to sign. 

The full key is never assembled in one place. A bank could hold one share on its own hardware, another in Google Cloud, and a third with a rival cloud provider. Institutions can set thresholds such as two-of-three or five-of-seven. Before any signature, a policy engine running inside Google’s Confidential Space checks the transfer against limits, destination restrictions, and approval rules. 

Google says it has no access to key shares in unencrypted form, per CoinDesk.

Crypto’s security issues

The pitch rests on a persistent problem. Chainalysis attributed 43.8% of cryptocurrency stolen in 2024 to compromised private keys. DeFiLlama data shows roughly 40% of the $16.69 billion lost to hacks through June came from key compromises. In June, an attacker took seven keys from one developer’s computer during the Humanity Protocol breach and drained wallets across two networks.