Google is privately previewing a custody service for financial institutions, CoinDesk reported, as firms explore blockchains for tokenized assets, payments and custody and seek ways to authorize transfers.
Google told CoinDesk it is targeting commercial availability in early 2027. The outlet reported that several design partners and major financial institutions are testing Google Multi-Party Compute, though their identities have not been disclosed. Google has not set a specific release date or announced pricing, according to CoinDesk.
Under the design CoinDesk described, private-key shares could be kept on a firm's hardware, Google Cloud and another cloud provider. Transaction rules can cap transfer values, restrict which destination wallets are allowed or require approvals. A transaction could also require a set number of participants to sign, such as two of three or five of seven.
Alphabet is also using the service to secure digital assets on Ethereum and Solana, CoinDesk reported. The company has not disclosed which assets or their amounts. Rich Widmann, Google Cloud's director of digital assets strategy, told CoinDesk financial firms need “scalable, proven infrastructure” to protect clients' assets.
Chainalysis said private-key compromises accounted for 43.8% of the cryptocurrency stolen in 2024. That figure measures the share of stolen crypto, not the proportion of theft incidents. Separately, the analytics firm found that scams with on-chain links to AI vendors averaged $3.2 million per operation in 2025, compared with $719,000 for scams without those links. The comparison concerns scam proceeds, not custody breaches, and does not establish that AI caused the difference.
Google Cloud's 2023 guidance explained that multi-party computation lets participants produce a transaction signature from separate key shares without combining them into one complete private key. That post described the general method rather than the current service. CoinDesk reported that the product is designed to support ECDSA and Ed25519 signatures at general availability; post-quantum signing may be added later, with no schedule announced. Google's commercial target remains early 2027.
