TLDR
- Google is previewing a crypto custody security system built on multi-party computation (MPC) for banks and financial institutions.
- The service splits private keys into parts stored in separate environments, so no single machine holds the full key.
- Several major institutions are testing it in private preview, and Alphabet uses it for its own assets on Ethereum and Solana.
- Commercial availability is planned for early 2027, with no pricing or named testers disclosed.
- The service would compete with Fireblocks, Fordefi and BitGo.
Google has unveiled a crypto custody security service that spreads control of private keys across separate computing environments. The company plans to make it commercially available in early 2027.
JUST IN: Google unveils a new crypto custody framework to protect digital assets for banks 👀
"Several major financial institutions are already testing it, and Google plans to open it up early next year as stolen private keys has cost the crypto industry billions." 👏 pic.twitter.com/oLenhvf43q
— Bitcoin Magazine (@BitcoinMagazine) October 28, 2026
The service, called Google Multi-Party Compute, is in private testing with several major financial institutions. Google presented it at its first digital assets symposium in New York on October 28.
Alphabet, Google’s parent company, is already using the technology to secure its own digital assets on Ethereum and Solana. Google has not said which assets Alphabet holds through the system.
How the system works
MPC divides control of a private key among several independent participants. Authorized parties work together to sign blockchain transactions without ever putting the full key in one place.
A bank could keep one share on its own hardware, a second in Google Cloud and a third with another cloud provider. It could also require approvals from two of three participants, or five of seven, before a transfer goes through.
Customers keep control of their keys. Google says it cannot access the shares in unencrypted form, even when they sit on its infrastructure.
The service also includes transaction policies that check requests before signing starts. Institutions can limit destination addresses, set transfer caps or require extra approvals inside Google’s Confidential Space environment.
Google will support ECDSA and Ed25519 signing at general availability. It says the design can handle future post-quantum upgrades, but it has not set a date for them.
Why private keys are a target
Compromised credentials remain a leading source of crypto losses. Chainalysis estimated that private-key compromises made up 43.8% of cryptocurrency stolen in 2024.
In June, an attacker took seven private keys from a developer’s computer at Humanity Protocol. The keys were used to reach administrative controls and make unauthorized changes on Ethereum and BNB Smart Chain.
Google also points to AI and quantum computing as growing concerns. Chainalysis reported that scams linked to AI-tool providers earned an average of $3.2 million per operation in 2025, compared with $719,000 for other scams. The firm noted this does not prove AI caused the higher losses.
Ethereum co-founder Vitalik Buterin has warned that AI-accelerated math could weaken some forms of cryptography within two years. No quantum computer capable of breaking Bitcoin keys exists yet. About 6.9 million Bitcoin could be exposed to future quantum threats because their public keys are visible.
Google says the current service focuses on stopping stolen credentials and unauthorized transactions.
Google’s service would compete with Fireblocks, Fordefi and BitGo. Google has not released performance comparisons with those products.
The company has not named its testing partners or announced pricing. The launch depends on finishing the preview program, and no exact release date beyond early 2027 has been given.
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