DeFi
Google Cloud Unveils Multi-Party Computation Custody Service for Banks
Google Cloud introduced Google Multi-Party Compute (MPC), a dedicated institutional custody product for cryptocurrencies and tokenized assets, at its first digital-assets symposium in New York on October 28, 2026. The service is currently in private preview with several major financial institutions and design partners. Alphabet is already using it to secure its own Ethereum and Solana holdings. Commercial availability is targeted for early 2027; pricing has not been disclosed.
The product splits private keys into shares distributed across independent environments—for example, one share on a bank’s own hardware, one in Google Cloud, and one with a rival cloud provider. A predefined threshold (such as 2-of-3 or 5-of-7) must authorize a signature. The full private key is never assembled in a single location. Transactions pass through a policy engine inside Google’s Confidential Space that enforces spending limits, approved destination addresses, and multi-party approvals before signing occurs. Google states it cannot access key material in plaintext, even for shares stored on its infrastructure.
The offering targets banks and custodians seeking to reduce single points of failure associated with private-key theft. It builds on Google Cloud’s existing Key Management Service and Cloud HSM capabilities but packages them into a purpose-built digital-asset solution. Speakers at the symposium included representatives from Morgan Stanley, Citi, Wells Fargo, and OKX, signaling strong institutional interest. Google has described the launch as its biggest to date in the digital-assets space.
By distributing signing authority and applying institutional policy checks before any signature is produced, the service aims to give regulated institutions greater control and resilience as they expand crypto and tokenized-asset operations. The private-preview stage allows early partners to test the system ahead of broader commercial availability next year.
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Bitcoin fell below $78,000 on October 30, 2026, as confirmation of the Binance security incident accelerated a broader risk-off move across crypto markets.
On CoinMarketCap, Bitcoin traded at $78,430 with a market capitalization of approximately $1.57 trillion, down roughly 2% over the prior 24 hours and more sharply from earlier levels near $81,000–$82,000. The decline pushed BTC to its weakest levels in more than a month, with some reports showing brief tests of the mid-$76,000s during the sharpest phase of the sell-off.
The drop intensified after Binance disclosed the estimated $6.3 billion hot-wallet breach late on October 29. Leveraged liquidations amplified the move, with figures ranging from hundreds of millions to more than $1 billion in 24-hour windows depending on the snapshot and venue. Broader risk aversion linked to technology-stock weakness and a hawkish tone from the Federal Reserve added to the pressure.
Bitcoin dominance remained elevated, indicating that capital was rotating out of higher-beta assets rather than exiting the crypto market entirely. Analysts highlighted key support clusters in the $77,000–$79,000 range, while resistance stayed firm above $81,000–$85,000. The incident’s market impact is still unfolding as investigations continue and further details on frozen assets and potential recoveries emerge.
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