Coinbase currently holds approximately $270 million in customer assets.
Coinbase plans to integrate its secure crypto custody accounts — known as Vaults — into more of its products, including those offered by its growing institutional custody business, according to Yehuda Lindell, Coinbase’s head of cryptography, speaking at the Science of Blockchain Conference on Aug. 8.
Coinbase’s Vaults secure transactions using multiparty computation (MPC), whereby the private key used to sign transactions is split into multiple shares and distributed among several parties. No single party has full control of the key.
The Vaults “are used and will be used for more products at Coinbase, for custody, exchange, and more,” Lindell said.
