Google said it has not previously offered a dedicated MPC custody product for cryptocurrencies. Its existing production services include Google Cloud Key Management Service (KMS) and Cloud HSM, which institutions use to manage and protect cryptographic keys. The new offering brings MPC-based signing, transaction policies and key recovery into a purpose-built service for digital assets, rather than requiring customers to assemble those capabilities themselves.

The move comes as banks and other financial companies explore using blockchains to issue tokenized assets, process payments and offer digital asset custody services. Those activities require institutions to securely authorize transactions that, once completed on a blockchain,…