Inabit and Google Cloud Collaboration
Inabit, a provider of secure cryptocurrency management solutions, has announced a collaboration with Google Cloud to enhance security for cryptocurrency transactions and digital asset management. This partnership will leverage Google Cloud’s Confidential Computing platform to create secure environments where cryptocurrency private keys remain encrypted and inaccessible, even during active use.
Response to Security Breaches
The collaboration comes in response to recent high-profile security breaches, such as the July 2023 Multichain incident, which highlighted the need for robust private-key management solutions. By integrating its proprietary Trusted Computing Mechanism (TCM) with Google Cloud’s Confidential Space, Inabit aims to eliminate vulnerabilities associated with traditional custodial solutions.
Technological Advancements
The new technology has already enabled financial institutions to securely process high-volume cryptocurrency transactions, reducing risks from internal breaches and unauthorized access. Inabit’s CTO, Dr. Moti Geva, emphasized the importance of providing secure self-custody solutions that allow businesses to confidently adopt cryptocurrencies in a digital economy.