Cryptographic key management and protection firm Unbound Tech has partnered with crypto security startup KeyFi to redefine crypto key management.
Founded in 2014, Unbound Tech equips companies with a software solution that protects secrets such as cryptographic keys, credentials or other private data by ensuring they never exist anywhere in complete form. The firm’s Unbound Distributed Trust Platform is using secure multiparty computation to ensure secrets are always split into multiple shares and thereby eliminate any single point of compromise.
Based in New York City, KeyFi is a crypto security startup focused on building specialty use-case multi-party computation (MPC) solutions for value-added DeFi services. The company’s mission is to deliver self-sovereign products that seamlessly access any and all DeFi services customers require.
The two parties will be working together to develop specialized software and services using secure MPC. The initial solution, which includes creating MPC-based wallets to perform continuous and automated staking, will support the QTUM cryptocurrency and will then quickly expand to support other crypto assets and services.
“KeyFi was formed for two reasons,” said Cindy Zimmerman, Co-founder and Lead Security Engineer of KeyFi. “First, to support projects that want professional investor adoption and enterprise support by quickly offering MPC-based wallets and services. Second, to simplify key management processes while adding functionality to support novel value-added DeFi services — such as continuous and automated staking — that coin-holders deploy to maximize the value of holding that coin. By combining MPC-based key management with DeFi services, KeyFi will significantly lower the lifetime cost of custody for many institutional coin-holders.”
According to KeyFi, the company will release the first version of its key management platform in Q2 2020 with a consortium of partners, including Celsius Network and Monarch Wallet. Built upon new developments in Unbound’s Crypto Asset Security Platform (CASP), KeyFi’s platform will enable users to securely manage their keys, while at the same time offer rails for an array of value-add DeFi services.
“For too long, secure key management has been a problem that has hindered the widespread adoption of digital assets such as cryptocurrencies,” said Professor Yehuda Lindell, CEO and Co-Founder of Unbound Tech. “The traditional means of safeguarding private keys that control these assets have proven to be cumbersome, insufficiently flexible or difficult to implement at scale. Unbound’s CASP, in partnership with KeyFi’s enterprise solutions, will enable users to more easily add digital assets to our MPC-based platform while also utilizing DeFi services such as staking.”
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