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. 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....
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Elliptic and Gem have announced a new partnership today that will involve Elliptic acting as a trusted and independent third party for the purposes of securely storing the third (backup) private key used on the Gem platform. In the past, multisig wallet users have been in control of their own backup private keys, but this new offering from Gem and Elliptic could offer a higher level of security for individuals who do not wish to take care of their own backup solutions. Up to this point, Elliptic has been an insured bitcoin storage provider for a variety of banks and exchanges who need to....
The relationship between Lloyd's of London and bitcoin storage service Elliptic Vault broke down just weeks after Elliptic's launch in January, it has emerged. Elliptic Vault was the first insured bitcoin storage service in the world and was widely hailed as a milestone for the industry. The exact details of how the relationship between Lloyd's and Elliptic broke down are unclear, with Elliptic COO Tom Robinson saying his impression was that Lloyd's pulled out "due to the high level of publicity" around the deal. In turn, a Lloyd's spokesperson claimed Elliptic never actually finalised the....
Bitcoin custodian Elliptic has been selected to compete for a $50,000 prize in the Startup Challenge Finale at SWIFT's Sibos conference. Some 370 companies applied to take part in the challenge and Elliptic was one of 15 companies selected to compete in the Innotribe Startup Challenge showcase, which took place in London last week. Elliptic was one of two finalists in the growth-stage startup category, the other being xWare42, which enables banks to give customers additional information on their bank statements about their purchases. "We're very pleased to have been selected as finalists.....
Bitcoin storage specialists Elliptic have reportedly raised $2 million in investment capital from Octopus Investments. Elliptic is the first United Kingdom-based company involved with bitcoin to receive a major investment such as this one. The company, launched approximately six months, is looking to offer digital asset services, primarily for businesses and financials institutions. One such service is Elliptic Vault, a storage solution that's fully-insured and as one would expect, highly secure. "We want to make it very easy for companies to use. If they're used to other types of....
Coinbase Vault, first revealed a few months ago, has now implemented a multisig feature that has been demanded far and wide by Coinbase's international customer base. In one fell swoop, Coinbase has set themselves apart from their competitor, Circle, in a big way. Today, Coinbase announced their Multisig Vault, which allows users to control their own private keys on Coinbase. This means that even in the event of Coinbase's untimely demise, bitcoins "stored" in the Coinbase multisig vault would still be accessible to the user. Users would be able to use open source tools, like this one, to....