Gemini acquires crypto custody startup Shard X

HeadlinesNewsGemini acquires crypto custody startup Shard X

Share

Gemini acquires crypto custody startup Shard X

The Block6 days ago
Published on June 09, 2021 11:00 GMT+0edited on June 09, 2021 11:10 GMT+0

Share

Crypto exchange and custodian Gemini has acquired crypto custody startup Shard X for an undisclosed sum.

Announcing the news on Wednesday, Gemini said Shard X's multi-party computation (MPC) technology would help increase the speed at which it can transfer customer assets and increase usage of assets on its platform.

"Integrating Shard X's MPC technology into Gemini's custody enables us to meet the current demand for fast withdrawals, interacting with DeFi staking, or the transferring of digital assets with greater efficiency," Gemini COO Noah Perlman told The Block.

MPC is a cryptographic technology, which is said to be fast and more secure. In MPC, private keys are never constructed in full, removing a single point of failure. MPC breaks up private keys into shards or parts and …