UK-based digital assets service provider Elliptic has partnered with Gem to offer a custodian service for the private keys of multisig wallets.

Multisig wallets have at least three unique private keys. Through the new partnership, consumers will control one private key, while Gem and Elliptic will have custody over the two others.

Customers are not obliged to assign the third key to Elliptic. However, if the client loses their key, Gem and Elliptic will use their private keys to transfer the user’s funds into a new Gem multisig account belonging to the customer.

Dr James Smith, CEO at Elliptic, said:

“By combining Gem’s API platform with our insured and accredited key storage service, a new bar has been set for multi-sig wallet security and usability.”

Gem may benefit from Elliptic’s ISAE 3402 accreditation – an established global standard for financial reporting – that it obtained at the beginning of this year.

Key image via Shutterstock.

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.