SINGAPORE, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Cobo, a global leader in digital asset custody solutions, proudly announces its strategic collaboration with prominent cloud services providers, including Google Cloud, Tencent Cloud, and Huawei Cloud. This groundbreaking partnership aims to propel a new era of security, resilience, and performance in digital wallet infrastructure and MPC technology while ensuring broad accessibility to accelerate its adoption on a global scale.
As a pioneering industry frontrunner, Cobo is committed to delivering top-tier digital asset custody solutions that empower Web3 organizations of all sizes to securely store, manage and grow their digital assets while seamlessly navigating the decentralized web. By joining forces with industry-leading cloud platforms, Cobo aims to harness its secure computing capabilities and combine state-of-the-art security protocols and advanced technological expertise to set new benchmarks in digital asset custody.
As part of the partnership, Cobo will leverage the cloud platforms’ capabilities to enhance its Wallet-as-a-Service solution – a robust cloud-hosted wallet infrastructure that prioritizes security, flexibility, and scalability. With Cobo Wallet-as-a-Service, users, developers, and businesses can effortlessly integrate a ready-to-use wallet backend and build custom features on top, eliminating the need to invest significant resources and time into developing and maintaining a wallet infrastructure from scratch.
Additionally, Cobo will collaborate with the cloud platforms on the implementation of its advanced multi-party-computation (MPC) custody technology. MPC technology replaces an individual private key with multiple encrypted and distributed key-shares, mitigating the risk of a single point of failure while enabling greater control over one’s digital assets. However, the high costs and technical complexities associated with enterprise-grade MPC custody solutions have made them inaccessible for many growing Web3 teams.
To address this market gap, Cobo developed Cobo MPC Lite, a cloud-based MPC self-custody solution with mobile support that is enterprise-grade and cost-effective. By partnering with cloud platforms to implement MPC and allow multiple parties to collaborate in transactions, Cobo aims to establish security benchmarks for MPC and democratize access by lowering cost and technical barriers.
"Digital asset custody is the gateway into the web3 ecosystem. This strategic collaboration to advance the foundational wallet layer signifies a collective effort to drive the Web3 ecosystem toward a more secure, innovative, and inclusive future. We are excited to partner with the world’s leading cloud providers to redefine industry standards for wallet infrastructure and MPC technology, and empower web3 users worldwide,” said Dr. Changhao Jiang, co-founder and CTO of Cobo.
About Cobo
Cobo is a globally trusted leader in digital asset custody solutions. As the world’s first omni-custody platform, Cobo offers the complete spectrum of solutions from custodial to non-custodial services including MPC and smart contract-based custody, as well as wallet-as-a-service, an advanced DeFi management platform (Argus), and an off-exchange settlement network (SuperLoop). Trusted by over 500 institutions with billions in assets under custody, Cobo inspires confidence in digital asset ownership by enabling safe and efficient management of digital assets and interactions with Web 3.0. Cobo is SOC2 Type 1 and Type 2-compliance-certified and licensed in 5 jurisdictions.
For more information, please visit www.cobo.com
Press Contact:
Kelvin Yeo
PR Executive
kelvin.yeo@cobo.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/57dcb7e6-d836-4cc8-ae2f-a4d4dd0fec12
