inabit, a leading provider of secure cryptocurrency management solutions, has announced its collaboration with Google Cloud to utilize its Confidential Computing platform to provide stronger security for cryptocurrency and digital asset transactions.
The urgency of this collaboration is underscored by recent high-profile security breaches, notably the July 2023 Multichain hack, in which attackers stole over $125 million due to compromised private keys. This incident vividly illustrates the critical importance of secure private-key management solutions like the Confidential Computing integration inabit developed in collaboration with Google Cloud.
Google Cloud’s Confidential Space enables inabit to create secure environments where cryptocurrency private keys remain encrypted and inaccessible at all times—even while actively in use. This hardware-level encryption helps safeguard transactions against insider threats and external hacking attempts, providing robust data security.
Rene Kolga, Senior Product Manager at Google Cloud, highlighted the importance of Confidential Computing for the Web3 industry:
“Trusted Execution Environments powered by Confidential Computing are becoming the de facto standard across the Web3 industry. This pioneering technology, made easy by Google Cloud’s Confidential Space enables inabit to make advanced security simple, scalable, and accessible for enterprises handling sensitive digital assets across the globe.”
inabit’s solution uniquely combines its proprietary Trusted Computing Mechanism (TCM) with Google Cloud’s Confidential Space, eliminating a single point of failure present in many traditional custodial solutions by ensuring private keys remain encrypted, even internally to inabit itself.
Dr. Moti Geva, CTO at inabit, who previously served as Head of Israel’s National Computer Emergency Response Team (CERT-IL), noted the strategic importance of the collaboration:
“Our customers demand secure self-custody solutions that ensure complete control and confidentiality of their digital assets. Through this collaboration with Google Cloud, we’re meeting that need by leveraging Confidential Space, allowing us to manage private keys even during transactions securely. Our TCM technology, combined with Google Cloud’s advanced encryption, creates a robust shield against vulnerabilities that have affected other digital wallet solutions.”
The integration has already enabled financial institutions to securely process high-volume cryptocurrency transactions, reducing risks associated with internal breaches or unauthorized external access. Banks and businesses using inabit’s technology can securely swap, convert, and manage cryptocurrencies and fiat currencies in a streamlined and trusted environment.
Dr. Geva added:
“Our goal is to ensure businesses can confidently adopt cryptocurrencies and digital assets securely and at scale, positioning our customers for long-term growth in an increasingly digital economy. inabit is committed to continuously enhancing secure digital asset infrastructure to simplify crypto adoption for businesses, aligning crypto capabilities closely with traditional financial systems. By democratizing trusted computing technologies previously reserved for defense and financial institutions, we enable businesses of all sizes to embrace crypto securely and efficiently.”
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