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A Tel Aviv-based cryptocurrency security firm, Inabit, has announced a strategic partnership with Google Cloud to enhance the security of cryptocurrency transactions. By leveraging Google’s Confidential Computing technology, the collaboration aims to address the growing risks of private key breaches and external hacks, which have become increasingly common in the digital asset space.

Strengthening Crypto Security

The importance of robust crypto security was underscored by incidents like the July 2023 Multichain hack, where attackers exploited compromised private keys to steal over $125 million. This partnership seeks to mitigate such risks by offering a secure environment for transactions and private key management.

Private Keys Remain Encrypted

Inabit’s innovative solution integrates its proprietary Trusted Computing Mechanism (TCM) with Google Cloud’s Confidential Space. This ensures that private keys remain encrypted even during transaction execution, providing an additional layer of security for users.

“Trusted Execution Environments powered by Confidential Computing are becoming the de facto standard across the Web3 industry,” said Rene Kolga, Senior Product Manager at Google Cloud.

Kolga highlighted that Google’s platform offers scalable and accessible security solutions for enterprises managing sensitive digital assets on a global scale.

Advanced Protection for Digital Assets

Dr. Moti Geva, CTO of Inabit and a former head of Israel’s CERT-IL, emphasized the significance of this collaboration. According to Dr. Geva, the partnership provides users with full control and confidentiality over their digital assets.

“Our TCM technology, combined with Google Cloud’s encryption, creates a robust shield against vulnerabilities that have affected other digital wallet solutions,” Dr. Geva stated.

Minimizing Breach Risks

The integration of Inabit’s technology with Google Cloud is already being utilized by banks and businesses to securely manage both crypto and fiat assets. This approach reduces the likelihood of internal breaches and unauthorized access, enhancing trust and operational efficiency.

The system also supports high-volume transactions and simplifies secure swaps and conversions, making it an ideal solution for enterprise-level operations. Dr. Geva mentioned that Inabit is committed to democratizing trusted computing tools, which were previously limited to sectors like defense and finance.

“We enable businesses of all sizes to embrace crypto securely and efficiently,” Dr. Geva added.

Advancing Institutional Crypto Adoption

This partnership represents a significant step toward advancing self-custody infrastructure for institutional and enterprise crypto adoption. By aligning digital asset management with traditional financial systems, Inabit and Google Cloud aim to foster a more secure and accessible environment for cryptocurrency transactions.

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