Fireblocks Integrates Google Cloud’s Confidential Space to Improve Private Key Management for Clients

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As a seasoned analyst with years of experience in the digital asset and cloud security sectors, I find Fireblocks’ latest integration with Google Cloud’s Confidential Space to be a commendable move. The focus on securely managing private keys and the use of Multi-Party Computation (MPC) technology underscores Fireblocks’ commitment to robust security in an industry that is often criticized for its vulnerabilities.

Fireblocks, a digital asset management platform, recently unveiled its integration with Google Cloud’s Confidential Space to bolster the safety of clients’ assets. This strategic decision is geared towards addressing a significant concern for businesses: ensuring the secure handling of private keys.

Fireblocks keeps private keys from being completely accessible to any individual entity by making use of Google Cloud’s Secure Enclave feature. This approach reduces the risk of theft or unauthorized usage.

Multi-Party Computation at Fireblocks’ Core

As reported in a press release sent to CryptoPotato, Fireblocks has teamed up Google Cloud’s Confidential Space Virtual Machine (VM) with sophisticated security features such as Attestation Service, Identity and Access Management (IAM), and Key Management Service (KMS) to enhance its defense against unauthorized access.

At the heart of this integration lies Fireblocks’ application of Multi-Party Computation (MPC) technology, a method that safely divides private keys between Fireblocks’ system and those of its clients. This setup means no individual entity, not even Fireblocks itself, holds full control over the private key. By doing so, it significantly reduces the chances of a breach and enhances the overall security architecture for handling digital assets.

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

Through our alliance with Google Cloud’s Confidential Space, we are empowering our clients to execute crucial digital asset functions in a highly secure and flexible infrastructure. This collaboration underscores Fireblocks’ dedication to extending cloud functionalities to cater to the increasing demand for top-tier security. This integration is expected to play a significant role in facilitating large businesses and institutions that prioritize heightened privacy and security for their digital asset management.

Fireblocks Expansion

Since 2019’s debut, Fireblocks has been instrumental in integrating prominent global banks and financial institutions into the digital asset sector. This includes heavyweights such as BNY Mellon, BNP Paribas, ANZ Bank, NAB, ABN AMRO, BTG Pactual, the Tel Aviv Stock Exchange, and SIX Digital Exchange. In the previous year, Fireblocks extended its Multiparty Computation (MPC) wallet and key management technology to work seamlessly with cloud platforms like Amazon Web Services (AWS), Google Cloud Platform (GCP), Alibaba Cloud, Thales, and Securosus.

Fireblocks has been delving into various fields, recently entering into a Memorandum of Understanding (MoU) with South Korea’s NongHyup Bank this month. This partnership seeks to investigate blockchain-centric methods for handling tax refunds. Utilizing the Fireblocks Tokenization Engine, they aim to streamline the VAT and GST refund process in retail transactions within a pilot project.

In June, Fireblocks revealed an expansion of their services by teaming up with Coinbase to offer derivatives and trading solutions. Earlier, the firm had introduced a “DIY” toolkit tailored for startups, making it simple for them to construct blockchain products on their own.

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2024-11-26 17:42