It has been announced that the crypto platform Gemini has acquired Shard X, a developer of secure multi-party computation (MPC) cryptographic technology. The acquisition will integrate Shard X’s MPC technology into Gemini’s distributed, multi-site key management and signing infrastructure.
The integration will markedly increase the speed with which Gemini can transfer customer assets and provide support for new asset listings and usage on their platform.
“Integrating MPC technology into our wallets will enable secure and faster crypto transfers that will help our customers keep pace with liquidity needs and market demands,” said Tyler Winklevoss, CEO of Gemini.
Gemini has more than $30 billion of crypto assets under custody, serving a range of individual and institutional customers. The addition of Shard X’s MPC will work in concert with all other aspects of Gemini’s custody offering, which includes role-based governance protocols, multiple layers of biometric access controls, and physical security to safeguard the sensitive key material, safely stored in government-rated hardware security modules (HSMs), that controls customers’ assets.
Shard X was founded in 2018 by Yaniv Neu-Ner, Nikita Lesnikov, and Navaho De Wet with the goal of making the crypto ecosystem more secure. Shard X’s MPC technology generates key fragments which are used in a distributed signing protocol without ever reconstructing a full private key. The team has developed a portable MPC implementation that aims to run in high-security environments, such as hardware security modules, ensuring the highest integrity and secure processing of private key fragments that protect digital assets.
Gemini Head of UK, Blair Halliday added, “The consumer and institutional crypto markets increasingly demand instant access to digital assets. Assimilating Shard X’s MPC technology into Gemini’s custody enables our customers to benefit from rapid and more efficient withdrawals and transfers. It will also enable us to list new assets more quickly.”