Elliptic Strikes Multisig Key Custodian Deal With Gem
UK-based digital assets service provider Elliptic has partnered with Gem to offer a custodian service for the private keys of multisig wallets.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZZWBNNGBDFBCNAOABMSHJTUHLA.jpg)
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:
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
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.