Fireblocks integrates the Google Cloud Confidential Space to improve private key management for customers

Digital asset platform Fireblocks has announced the integration of Google Cloud Confidential Space into its offering to increase the security of client assets. This measure aims to address a crucial need for businesses to securely manage private keys.

By leveraging Google Cloud’s confidential space, Fireblocks ensures that private keys are never fully accessible to any party, minimizing the potential for theft or misuse.

Multiparty computation in the core of Fireblocks

According to the press release shared with CryptoPotato, Fireblocks has integrated the Google Cloud Confidential Space Virtual Machine (VM) along with advanced security tools such as Credential Service, Identity and Access Management (IAM) and key management service (KMS) to strengthen protection against unauthorized access. .

Central to this integration is the use of Fireblocks’ Multi-Party Computation (MPC) technology, which securely splits private keys between the Fireblocks infrastructure and client systems. This design ensures that no entity, not even Fireblocks, has complete control over the private key, mitigating risks of compromise and strengthening the security framework for managing digital assets.

In a statement, Michael Shaulov, CEO and co-founder of Fireblocks, said:

“By integrating with Google Cloud’s confidential space, we offer our customers the ability to run critical digital asset operations in a highly secure and scalable environment. This partnership demonstrates Fireblocks’ commitment to expanding cloud capabilities to meet customer demand for stronger security. This integration will be critical for large enterprises and institutions that require improved privacy and security for their digital asset operations.”

Fireblocks expansion

Since its launch in 2019, Fireblocks has brought the world’s leading banks and financial institutions into the digital asset ecosystem. These include major players such as BNY Mellon, BNP Paribas, ANZ Bank, NAB, ABN AMRO, BTG Pactual, the Tel Aviv Stock Exchange and SIX Digital Exchange. Last year, Fireblocks expanded its MPC-CMP portfolio and key management technology to support cloud platforms such as Amazon Web Services (AWS), Google Cloud Platform (GCP), Alibaba Cloud, Thales and Securosus .

Fireblocks has been exploring different areas. Earlier this month, the company signed a memorandum of understanding (MoU) with South Korea’s NongHyup Bank to explore blockchain-based solutions for tax refunds. With the help of the Fireblocks tokenization engine, the collaboration aims to simplify the VAT and GST refund process for retail transactions as part of a pilot project.

In June, Fireblocks announced the expansion of its offerings by partnering with Coinbase to offer derivatives and trading products. The company had also previously unveiled a “self-service” toolkit specifically designed for startups to easily build blockchain-based products.

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