Google Cloud Previews Crypto Custody Service for Institutions

Google Cloud is preparing a cryptocurrency custody service for financial institutions, bringing its cloud infrastructure into a market serving banks and other organizations seeking to secure digital assets. The service, Google Multi-Party Compute (MPC), is in private preview, with commercial availability planned for early 2027.

The platform is designed to help institutions secure and transfer cryptocurrencies and tokenized assets by distributing transaction-signing authority across separate systems. Google has not announced pricing or a specific commercial launch date.

According to Google Cloud’s documentation, the service combines distributed transaction signing with policy controls and key recovery, giving institutions a dedicated platform for managing digital-asset signing keys.

Google Cloud Uses Multi-Party Computation to Secure Transactions

Google Multi-Party Compute uses multi-party computation (MPC) to distribute control of a cryptographic signing key among separate participants. Rather than storing a complete private key in one location, the system allows participants to cooperate in authorizing a transaction without reconstructing the entire key in a single place.

This approach is intended to reduce the risk that compromising one device or environment will give an attacker sufficient control to move assets.

Institutions can configure signing arrangements across their own infrastructure and cloud environments. For example, a bank could distribute key shares between its own hardware, Google Cloud and another provider, with a predefined number of participants required to authorize transactions.

The platform also includes transaction policies that can assess requests against institutional rules, including transfer limits and approved destination addresses. Its governance controls allow organizations to define signer roles and approval requirements.

Google has previously provided tools for managing cryptographic keys through services such as Cloud Key Management Service and Cloud Hardware Security Modules. The new platform packages distributed signing and digital-asset transaction controls into a service designed specifically for institutional use.

Financial Institutions Are Testing the Service

Several financial institutions and design partners are testing Google Multi-Party Compute, according to CoinDesk. The companies involved have not been publicly identified.

CoinDesk also reported that Alphabet, Google’s parent company, is using the technology to secure digital assets on Ethereum and Solana. Google has not disclosed which assets are involved or their value.

The service remains in private preview, meaning it is not yet generally available to financial institutions. Google is targeting commercial availability in early 2027, although its pricing and full launch specifications remain undisclosed.

The offering builds on Google’s earlier work with MPC-based digital-asset security. In 2023, the company published guidance on using its Confidential Space infrastructure to develop systems for protecting digital assets.

Google Moves Further Into Institutional Digital Assets

The planned service places Google Cloud closer to a market that includes specialist digital-asset infrastructure providers such as Fireblocks, BitGo and Fordefi. These companies offer institutions tools to manage wallets, control transaction approvals and secure blockchain operations.

Google’s approach is focused on the technology used to authorize transactions rather than requiring institutions to hand over complete control of their private keys. This could appeal to financial firms seeking to develop or operate their own digital-asset services while relying on external infrastructure.

The initiative also comes as financial institutions explore tokenized securities, blockchain-based payments and other applications requiring secure transaction authorization. As these activities expand, institutions need systems that combine cryptographic security with internal approval procedures and operational controls.

However, distributing signing authority does not eliminate every security risk. Institutions must still manage access permissions, recovery procedures, the security of participating systems and the possibility of authorized users approving fraudulent transactions.

Google’s next milestone will be moving the service from private preview to commercial availability. The product’s supported assets, pricing and integration requirements will help determine how financial institutions assess it alongside existing digital-asset security platforms.