Google Cloud is
developing a cryptocurrency custody service for financial institutions that
distributes transaction-signing authority across multiple systems. The product
is in private preview, with commercial availability planned for early 2027.
London’s trading industry is coming home!
Other financial firms
are also developing digital asset services for institutional clients. Spotex
connected its trading venue to BitGo’s custody and settlement infrastructure,
while Virtu
Financial joined BitGo Prime’s liquidity network.
JPMorgan has also planned
to accept
Bitcoin and Ether as loan collateral for institutional clients, using a
third-party custodian. Ripple partnered with South Africa’s Absa
Bank to provide digital asset custody technology.
Called Google
Multi-Party Compute, the service is designed to help institutions secure
and transfer cryptocurrencies and tokenised assets without storing a complete
private key in one place.
Google Cloud’s
documentation describes MPC as a key management service that allows separate
parties to sign blockchain transactions collaboratively. The product remains in
preview, with support potentially limited.
Google Expands
Bitcoin Transaction Controls
Google updated the
service’s documentation on Monday, ahead of its MPC Symposium in New York on
Wednesday. The event focuses on the company’s MPC technology and research.
Speakers include representatives from Morgan Stanley, OKX, Citi and Wells
Fargo.
Google’s release notes
show that the service has received several updates since August. On 1 October,
the company added rules to evaluate Bitcoin transaction amounts, identify
destination address types and detect change outputs. The update also introduced
support for authorising Bitcoin transactions through its policy engine.
JUST IN: Google Cloud previews institutional crypto custody service, launch planned for early 2027 https://t.co/E2dE8G068c
— The Wolf Of All Streets (@scottmelker) October 28, 2026
The service builds on
Google’s earlier work in multi-party computation. In 2023, the company
published guidance on using its Confidential Space infrastructure to develop
systems for securing digital assets.
Alphabet Also Uses
the Technology
Several financial
institutions are testing the service, according to CoinDesk. Alphabet is also
using it to secure digital assets on Ethereum and Solana, though Google has not
disclosed the assets or their value.
The service combines transaction signing,
policy controls and key recovery. Google plans commercial availability in early
2027 but has not announced pricing or a launch date.
This article was written by Tareq Sikder at www.financemagnates.com.
