Today Gemini, the cryptocurrency firm founded by the Winklevoss twins, announced it had acquired digital asset custody technology firm Shard X for an undisclosed amount. To date, the London-based firm has raised a seed round of $650,000, according to Crunchbase.
Gemini has its own custody solution, Gemini Custody, but Shard X brings multiparty computation (MPC) technology. By using MPC there is no single key that can unlock a digital asset. Instead, a key is split into fragments that are distributed, making it hard to hack. Many of the leading digital asset custody firms use MPC. One of Shard X’s case studies is the use of its MPC technology by Entrust in its Hardware Security Modules (HSMs).
Gemini also uses HSMs in its existing custody solution, which takes care of $30 billion in crypto assets and has multiple layers of biometric access controls.
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