Google LLC’s cloud unit is reportedly preparing to launch a service designed to help financial institutions secure clients’ digital assets.

The offering is called Google Multi-Party Compute, Coindesk reported today. It’s currently being tested by a group of early adopters described as major financial sector players. Additionally, Google parent Alphabet Inc. is using it to secure its Ethereum and Solana holdings.

Cryptocurrency holders keep their assets in applications called crypto wallets. Every wallet is protected by a unique private key, a snippet of data with a role analogous to a password. Hackers who obtain a wallet’s private key can steal its contents with relative ease.

Google’s Multi-Party Compute service improves the…