Digital asset custody solutions provider, Cobo, is collaborating with digital assets security firm, Nemean, to provide third-party key recovery services to Cobo's Multi-Party-Computation (MPC) custody clients
SINGAPORE, April 4, 2023 /PRNewswire/ -- Cobo, a leading global digital asset custody solutions provider headquartered in Singapore, announced its partnership with Nemean Services, a UK-based digital asset security company, to provide key backup and disaster recovery services for Cobo's Multi-Party-Computation (MPC) custody clients globally.
The collaboration between Cobo and Nemean Services aims to bolster the security of Cobo's MPC custody clients' digital assets, ensuring that users always have access to and are in control of their assets at all times. As a third-party disaster recovery service partner of Cobo's MPC custody solution, Nemean Services will provide key recovery services in extreme cases where the customer has lost access to their keys or where Cobo's service is disrupted.
"We are happy to announce the addition of Nemean Services as our partner for key recovery services for our MPC custody clients. This partnership will enable us to offer our customers more options for recovering access to their digital assets and ensuring business continuity in the event they lose their private-key shares due to malicious attacks, system crashes, hardware failures, and other issues," said Dr Jiang Changhao, co-founder and CTO of Cobo.
Nemean Services, a specialist in digital asset security for institutional investors around the world, has extensive experience in both the military and financial sectors, allowing them to combine military protocol for asset safeguarding with financial services best practices for audit and confirmation.
"We are delighted to be partnering with Cobo to ensure their MPC custody clients have access to a fully audited cold storage key recovery service. Nemean has been active in Asia for some time. This partnership will significantly broaden our footprint in this particular dynamic market and reinforces our ambition to be the leading provider of disaster recovery services globally." said Jonathon Wynniatt-Husey, the Commercial Director of Nemean.
Cobo's MPC custody solution leverages cutting-edge MPC technology to implement a threshold signature scheme (TSS). With Cobo's MPC-TSS implementation, private key-shares are individually generated in secure environments, encrypted and distributed among multiple parties. These parties can then jointly sign transactions without ever exposing their individual key-share to one another or materialising the private key in full at any point in time, eliminating the single point of failure. Cobo's MPC-TSS implementation is based on a 2-of-3 configuration, in which the client and Cobo each manage a private key-share and jointly cooperate to sign transactions, and an independent third party, such as Nemean Services, is selected by the client to keep an offline private key-share solely for backup and disaster recovery purposes.
Cobo is a leading global digital asset custody solutions provider. Founded in 2017 and headquartered in Singapore, Cobo is one of the largest digital asset custodians globally, trusted by over 500 institutional clients across Asia, Europe, the Middle East, and North and South America, with billions of dollars in assets under custody. Cobo offers a comprehensive suite of custody technologies from full custody (HSM-based), and co-managed custody (MPC-based), to fully decentralized self-custody (smart contract-based). On top of custody solutions, Cobo provides Wallet-as-a-Service, SuperLoop (off-exchange settlement network), and Argus (on-chain DeFi investment tools with role-based access controls). For more information, please visit https://www.cobo.com/.
Nemean is an ISO 27001-certified and SOC 2-compliant digital asset security company. Nemean specialises in the cold storage, safeguarding and auditing of private key shares. Nemean partners with Crypto custodians to provide recovery as a service for over 300 institutional accounts globally.