Google has previewed a cryptocurrency custody security system called Google Multi-Party Compute (MPC), designed to help banks and other financial institutions securely protect and transfer cryptocurrencies and tokenized assets. The system is currently in private preview, with several major financial institutions already testing it. Google's parent company, Alphabet, has also begun using the technology on the Ethereum and Solana blockchains to secure its own digital assets.

The system is planned for commercialization in early 2027, with pricing not yet disclosed. Google MPC mitigates the risk of single points of failure by distributing private key shards across multiple independent systems, addressing the threat of asset theft due to private key compromise. According to on-chain analytics firm Chainalysis, 43.8% of stolen cryptocurrencies in 2024 resulted from private key compromises. DeFiLlama data shows that as of June this year, blockchain projects have cumulatively lost $16.69 billion due to hacks, with approximately 40% related to private key compromises. The system can also prevent transfers that violate preset limits or approval requirements by checking for compliance with institutional rules before transactions are signed.