Amidst recent escalating concerns over digital asset security, global blockchain solutions provider ChainUp Group announced that it is “utilizing the multi-party computation (MPC) technology as part of a multi-layered security architecture to ensure the highest security standards of its digital asset custody solutions.”
The multi-layered security architecture developed by ChainUp Custody showcases the company’s commitment “to fully safeguard clients’ assets and provides the necessary assurance to ensure continued trust from clients.” This is particularly significant “against the backdrop of recent industry developments.”
Sailor Zhong, Founder & CEO of ChainUp Group commented:
“The security of our clients’ assets has always been our priority. As part of our multi-layered security architecture, we combine MPC technology with hardware isolation technology to distribute the storage of encrypted information, which exponentially enhance system security and ensure that only users will be able to access their digital assets.”
Other pillars of ChainUp Custody’s security architecture “include risk monitoring mechanisms, comprehensive KYT and KYC services, as well as SOC 2 compliance.”
SOC 2 defines the security criteria “for managing clients’ data based on the five principles of security, availability, processing, integrity, confidentiality, and privacy.”
MPC works by “splitting the traditional private key into multiple shards and distributing them in various places to ensure that no one person has full access to the traditional private key.”
The implementation of MPC technology “ensures that the private key shards will be co-managed by multiple parties which allows users to have complete control rights over assets that will not be restricted by time or location.”
Founded in 2017, ChainUp claims it is “a leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support.”
Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions “include digital asset exchange systems, NFT trading systems, wallet solutions, liquidity solutions, and digital assets custody and management.”
Headquartered in Singapore and with offices around the world, the company “has served more than 1,000 clients in 30 countries, reaching over 60 million end-users.”