Secure multi-party computational (sMPC or MPC) wallets have emerged as the leading wallet solution implemented by institutions responsible for custody of digital assets.
MPC wallets allow for highly secure and scalable self-custody models, with enhanced recoverability features that allow institutions to build reliable digital asset custody workflows. Historically the most challenging aspect of digital asset custody was mitigating the single point of failure risk that private keys presented.
Written in collaboration between Fireblocks and EY, this article highlights a subset of considerations related to key management and identifies industry-leading practices based on the core capabilities that Fireblocks’ offers around the governance, generation, storage and recovery of key shares, as well as the processes and controls institutions have implemented to support and govern the Fireblocks’ solution.