Cobo Unveils MPC Lite, a Radically Affordable MPC Self-Custody Solution

Cobo Unveils MPC Lite, a Radically Affordable MPC Self-Custody Solution

Singapore, October 25, 2023 - Cobo, a global leader in digital asset custody solutions, is proud to announce the launch of its latest offering, Cobo MPC Lite, an inclusive version of Cobo’s enterprise-grade MPC wallet technology from just USD99 per month. Powered by state-of-the-art Multi-Party Computation (MPC) technology, Cobo MPC Lite aims to democratize access to enterprise-grade MPC self-custody solutions by eliminating cost and technical barriers.

The cryptocurrency industry has long grappled with persistent security risks and hacking attacks. As one of the most advanced private key management technologies today, MPC has emerged as the custody technology of choice for both traditional and crypto-native players seeking enhanced security and greater control over their digital assets. However, the high costs and technical complexities associated with enterprise-grade MPC custody solutions have made them out of reach for many growing Web3 teams.

To address this need, Cobo introduced Cobo MPC Lite, paving the way for the widespread adoption of enterprise-grade MPC custody. Leveraging Cobo's advanced MPC-TSS (Multi-Party Computation - Threshold Signature Scheme) technology and years of proven security expertise, Cobo MPC Lite effectively eliminates the risk of single points of failure and enhances the security of storing and using digital assets, while ensuring a smooth on-chain operational experience.

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Under Cobo’s MPC-TSS technology, multiple private key shares are individually generated, encrypted, and divided amongst the parties. These parties can jointly sign transactions without ever exposing their individual key shares or materializing the full private key at any point. This ensures that the private key never exists or resides in any one device, insulating user assets from security attacks and human errors.

"Cobo MPC Lite brings the power of enterprise-grade self-custody to all businesses and entrepreneurs dealing with digital assets," said Dr. Jiang Changhao, Co-founder and CTO of Cobo. "We believe every business, regardless of size, deserves access to enterprise-grade custody. That's why we introduced Cobo MPC Lite, an MPC self-custody solution that is highly secure, easy to use, and radically affordable. We want to empower users with peace of mind on their asset safety so they can focus on scaling their core operations."

Cobo MPC Lite’s streamlined setup process allows users to install and configure the solution within minutes, without any complex technical processes or lengthy onboarding procedures. To ensure accessibility, Cobo MPC Lite introduces a pay-as-you-grow pricing model, starting from just USD 99 per month. This is a major step towards democratizing secure MPC self-custody solutions and accelerating the wider adoption of digital assets.

For an added layer of protection, users have the option to engage an independent third party disaster recovery service provider. This service provider, such as an insurance company or security firm, would securely hold an offline key-share solely for backup purposes, ensuring continuity if the customers’ key-share is lost or compromised or in the rare event that Cobo’s services are unavailable. Read more about Cobo MPC Co-Managed Custody here.

About Cobo

Cobo is a globally trusted leader in digital asset custody solutions. As the world’s first omni-custody platform, Cobo offers a complete range of solutions – from custodial wallets to non-custodial wallets, including MPC and smart contract wallets, as well as Wallet-as-a-Service, an on-chain digital asset management platform (Argus), and an off-exchange settlement network (SuperLoop). Trusted by over 500 institutions worldwide to safeguard billions in digital assets, Cobo inspires confidence in digital asset ownership by enabling safe and efficient management of digital assets and interactions with Web 3.0. Cobo is SOC2 Type 1 and Type 2-compliance-certified and licensed in 4 jurisdictions. In recognition of its industry-leading innovations, Cobo has earned accolades from Hedgeweek, Global Custodian, among others.

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