Gemini buys crypto custody firm Shard X

Bitcoin Locker

Another big move in the custody tech space. Gemini, in a bid to enhance the security of its crypto custody offering, has acquired Shard X, a renowned custody tech developer.

The cryptocurrency exchange and custodian did not disclose the terms of the deal.

But Shard X rose to fame by claiming to be the first company to offer multi-party computation (MPC) on hardware security modules. This is notable, because in the past, MPC was thought to be computationally difficult to store shards on hardware.

The added Shard X tech will work in conjunction with other aspects of key security over at Gemini, including role-based governance protocols, biometric access controls, and physical security. It will also expand the company’s reach to DeFi and other applications.

Shard X Logo

Gemini Chief Operating Officer Noah Perlman commented on this:

“Integrating Shard X’s MPC technology into Gemini’s custody enables us to meet this demand for fast withdrawals, interacting with DeFi staking, or the transferring of digital assets with greater efficiency. MPC technology provides a safe and uniform approach for achieving this speed across multiple cryptocurrencies.”

Shard X will become part of Gemini’s UK affiliate.

This acquisition is the latest in the string of crypto custody acquisitions in recent months, with PayPal buying Curv for anywhere between $200 to $300 million, and Galaxy Digital taking charge of BitGo in a blockbuster $1.2 billion deal.

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