ChainUp leverages Multi-Party Computation (MPC) to provide highly secure digital asset custody solutions & ensure clients’ trust
[18 November 2022] - Amidst recent escalating concerns over digital asset security, global blockchain solutions provider ChainUp Group announced today that it is utilizing the multi-party computation (MPC) technology as part of a multi-layered security architecture to ensure the highest security standards of its digital asset custody solutions.
The multi-layered security architecture developed by ChainUp Custody showcases the company’s commitment to fully safeguard clients’ assets and provides the necessary assurance to ensure continued trust from clients. This is particularly significant against the backdrop of recent industry developments.
Mr. Sailor Zhong, Founder & CEO of ChainUp Group commented, “The security of our clients’ assets has always been our priority. As part of our multi-layered security architecture, we combine MPC technology with hardware isolation technology to distribute the storage of encrypted information, which exponentially enhance system security and ensure that only users will be able to access their digital assets.”
Other pillars of ChainUp Custody’s security architecture include risk monitoring mechanisms, comprehensive KYT and KYC services, as well as SOC 2 compliance. SOC 2 defines the security criteria for managing clients’ data based on the five principles of security, availability, processing, integrity, confidentiality, and privacy.
MPC works by splitting the traditional private key into multiple shards and distributing them in various places to ensure that no one person has full access to the traditional private key. The implementation of MPC technology ensures that the private key shards will be co-managed by multiple parties which allows users to have complete control rights over assets that will not be restricted by time or location.