SINGAPORE, Feb. 16, 2024 (GLOBE NEWSWIRE) — Cobo, a leading provider of digital asset custody solutions, is proud to announce the launch of its innovative MPC co-managed custody solution for Bitcoin Layer 2 bridges. This pioneering solution is designed to address the critical security challenges of funds flowing in and out of Bitcoin Layer 2s (L2s).
Built on the foundation of Cobo’s cutting-edge Multi-Party Computation (MPC) custody technology, this Bitcoin L2-dedicated custody solution sets a new industry standard with its enhanced security mechanism. By utilizing a 2-of-3 threshold signature scheme, the solution eliminates single points of failure by distributing three MPC key shares amongst the project owner, Cobo, and a trusted third party appointed by the project, typically a reputable insurance or security firm. To sign transactions, two of the three key shares must jointly participate, ensuring that no single party can unilaterally move funds. Cobo’s MPC custody solution for L2 bridges also offers the flexibility of other configurations, including 3-of-3, 3-of-5, etc, according to the projects’ unique requirements, facilitating the worldwide distribution of private key shares.
To further support the L2 projects’ needs, Cobo provides swift support for new BRC tokens as well as the option for real-time disclosure of asset balances, if required. In addition, Cobo has seamlessly integrated Know Your Transaction (KYT) and Anti-Money Laundering (AML) services, effectively streamlining regulatory and compliance processes for the projects.
At the same time, Cobo is proud to partner with industry leaders including Bitmain, Antalpha, OKX Ventures, Bixin Ventures, ABCDE, SevenX Ventures, Waterdrip Capital, CoinSummer, and Satoshi Lab, to prioritize investments and early liquidity support for Bitcoin ecosystem projects, demonstrating Cobo’s commitment to fostering innovations in the Bitcoin ecosystem.
About Cobo
Cobo is a globally trusted leader in digital asset custody solutions. As the world’s first omni-custody platform, Cobo offers the complete spectrum of solutions from custodial wallets to non-custodial wallets including MPC and smart contract wallets, as well as Wallet-as-a-Service, a DeFi management platform (Argus), and an off-exchange settlement network (SuperLoop). Trusted by over 500 institutions with billions in assets under custody, Cobo inspires confidence in digital asset ownership by enabling safe and efficient management of digital assets and interactions with Web 3.0. Cobo is ISO27001 certified, SOC2 Type 1 and Type 2-compliance-certified, and licensed in 4 jurisdictions.
For more information, please visit www.cobo.com.
Press Contact:
WenWei Chua
Content Marketing Executive
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5df3962-ff6b-4df5-9407-4f29b309d8ef
