Fireblocks Integrates Google Cloud’s Confidential Space to Improve Private Key Management for Clients

Digital assets platform Fireblocks has announced integrating Google Cloud’s Confidential Space into its offering to boost the security of customer assets. This move aims to address a crucial need for businesses to manage private keys securely.

By leveraging Google Cloud’s Confidential Space, Fireblocks ensures that private keys are never fully accessible to any single party, thereby minimizing the potential for theft or misuse.

Multi-Party Computation at Fireblocks’ Core

According to the press release shared with CryptoPotato, Fireblocks has integrated Google Cloud’s Confidential Space Virtual Machine (VM) alongside advanced security tools like Attestation Service, Identity and Access Management (IAM), and Key Management Service (KMS) to fortify protection against unauthorized access.

Central to this integration is Fireblocks’ use of Multi-Party Computation (MPC) technology, which securely splits private keys between Fireblocks’ infrastructure and client systems. This design ensures no single entity, not even Fireblocks, has complete control over the private key, mitigating risks of compromise and bolstering the security framework for managing digital assets.

In a statement,  Michael Shaulov, CEO and Co-founder of Fireblocks, said,

“By integrating with Google Cloud’s Confidential Space, we’re giving our customers the ability to run critical digital asset operations in a highly secure and scalable environment. This partnership demonstrates Fireblocks’ commitment to expanding cloud capabilities to meet customer demand for the most robust security. This integration will be instrumental for large enterprises and institutions that require enhanced privacy and security for their digital asset operations.”

Fireblocks Expansion

Since its launch in 2019, Fireblocks has brought leading global banks and financial institutions into the digital asset ecosystem. These include major players such as BNY Mellon, BNP Paribas, ANZ Bank, NAB, ABN AMRO, BTG Pactual, the Tel Aviv Stock Exchange, and SIX Digital Exchange. Last year, Fireblocks expanded its MPC-CMP wallet and key management technology to support cloud platforms like Amazon Web Services (AWS), Google Cloud Platform (GCP), Alibaba Cloud, Thales, and Securosus.

Fireblocks has been exploring different areas. Earlier this month, the company signed a Memorandum of Understanding (MoU) with South Korean NongHyup Bank to explore blockchain-based solutions for tax refunds. With the help of the Fireblocks Tokenization Engine, the collaboration aims to simplify the refund process for VAT and GST on retail transactions as part of a pilot project.

In June, Fireblocks announced expanding its offerings by partnering with Coinbase to provide derivatives and trading products. Previously, the company had also unveiled a “self-service” toolkit designed specifically for startups to easily build blockchain-based products.