inabit and Google Cloud team up to strengthen crypto transaction security

Tel Aviv-based crypto security firm inabit has partnered with Google Cloud for better crypto protection using Google’s Confidential Computing technology. The collaboration aims to prevent private key breaches and ensure secure cryptocurrency transactions, addressing rising threats from insider access and external hacks, crypto.news can exclusively report. The urgency for better security was highlighted by the July 2023 Multichain hack, where attackers stole over $125 million due to compromised private keys. Private keys will stay encrypted inabit’s solution combines its proprietary Trusted Computing Mechanism with Google Cloud’s Confidential Space, enabling private keys to remain encrypted even during transaction execution. “Trusted Execution Environments powered by Confidential Computing are becoming the de facto standard across the Web3 industry,” said Rene Kolga, Senior Product Manager at Google Cloud. Kolga emphasized that Google’s platform makes advanced security scalable and accessible for enterprises handling sensitive digital assets globally. Dr. Moti Geva, CTO at inabit and former head of Israel’s CERT-IL, said the collaboration ensures users have full control and confidentiality over their digital assets. “Our TCM technology, combined with Google Cloud’s encryption, creates a robust shield against vulnerabilities that have affected other digital wallet solutions,” Geva added. Less breach risk The integration is already helping banks and businesses manage crypto and fiat assets more securely, minimizing risks from internal breaches and unauthorized access, according to the note. The system supports high-volume transactions and simplifies secure swaps and conversions. Dr. Geva noted that inabit is working to democratize trusted computing tools that were once reserved for defense and finance. “We enable businesses of all sizes to embrace crypto securely and efficiently,” Dr. Geva said. With this collaboration, inabit aims to advance self-custody infrastructure for institutional and enterprise crypto adoption, aligning digital asset management more closely with traditional financial systems. Source: https://crypto.news/exclusive-inabit-and-google-cloud-team-up-to-strengthen-crypto-transaction-security/