Tel Aviv-based Crypto security company Inabit is partnering with Google Cloud to improve Crypto Protection using Google’s Confidential Computing technology.
The purpose of this collaboration is to prevent secret key breach and ensure secure cryptocurrency transactions. Addressing an increase in threats from insider access and external hacking can be reported exclusively by crypto.news.
The urgency towards improving security was highlighted by the July 2023 Multichine Hack. There, the attacker stole over $125 million for the compromised private key.
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The private key remains encrypted
INABIT’s solution combines a unique, trusted computing mechanism with a sensitive Google Cloud space, allowing your private key to remain encrypted even when a transaction is running.
“We’ve seen a lot of effort into making our products more accessible,” said Rene Kolga, senior product manager at Google Cloud.
Kolga highlighted that Google’s platform makes advanced security scalable and accessible.
Dr. Moti Geva, CTO at Inabit and former head of Israel’s Cert-IL, said the collaboration will ensure that users have full control and confidentiality over their digital assets.
“Our TCM technology, combined with Google Cloud encryption, creates a robust shield against vulnerabilities that have affected other digital wallet solutions,” Geva added.
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There is less risk of violation
The integration helps banks and businesses manage crypto and Fiat assets more securely, minimizing the risk from internal violations and unauthorized access.
The system supports large amounts of transactions and simplifies secure swap and conversions. Dr. Geva pointed out that Inabit is working to democratize the reliable computing tools that were once reserved for defense and finance. “It enables businesses of all sizes to accept crypto safely and efficiently,” Dr. Geba said.
With this collaboration, INABIT aims to promote self-supporting infrastructure for crypto adoption in facilities and businesses, and coordinates digital asset management more closely with traditional financial systems.
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