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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.

May 21, 2015 at 7:00 a.m. UTC
Updated Sep 11, 2021 at 11:41 a.m. UTC

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.

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