Fireblocks Partners With Google Cloud’s Confidential Space to Step up Security

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Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

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Crypto custody firm Fireblocks said it has partnered with Google Cloud to integrate its Confidential Space to strengthen security arrangements around customer digital assets.

Fireblocks said integrating its system with Google Cloud Confidential Space, this will help businesses looking to mitigate risks associated with private key management.

By using this feature, Fireblocks said it will make sure that no single party has full access to private keys, in turn reducing the risk of theft or misuse.

According to Google’s site, the Confidential Space feature is designed to let parties share confidential data with a workload while they retain the confidentiality and ownership of the data. This in turn helps create isolation so that data is only visible to the workload and the original owners of the data.

Google Cloud Confidential Space Widely Adopted by Web3

“Confidential Space, with its strong security guarantees combined with ease of use, has been widely adopted by the Web3 industry,” said Rene Kolga, senior product manager with Google Cloud’s confidential computing team.

Fireblocks said it will make sure only “authorized users” can access sensitive data. The update will use Multi-Party Computation (MPC) technology to distribute private keys across Fireblocks’ servers and client systems. This means that no single party can access a complete private key.

“This integration will be instrumental for large enterprises and institutions that require enhanced privacy and security for their digital asset operations.” said Michael Shaulov, CEO and co-founder of Fireblocks.

Binance.US Selects Fireblocks for Infrastructure

In September, cryptocurrency platform Binance.US said it had chosen to use Fireblocks technology for managing digital assets, and custody operations, The exchange said it is also using Fireblock’s infrastructure technology for staking and trading services.

By using Fireblocks’ wallet technology, Binance.US said it aims to strengthen the security of its platform, which it claims has the largest on-chain staking service in the U.S.

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