Google to showcase a new security system designed to help banks and other financial institutions safeguard and move cryptocurrencies and tokenized assets at its inaugural digital assets symposium in New York City on Wednesday.

The product, officially named Google Multi-Party Compute (MPC), is in private preview and is not yet generally available. Several design partners and major financial institutions are testing the technology, Google told CoinDesk. Alphabet, the parent company, has also begun using it to secure its own digital assets on the Ethereum and Solana blockchains.

Google did not identify the institutions testing the service or specify which digital assets Alphabet is securing. The company plans to make Google Multi-Party Compute commercially available in early 2027, but has not disclosed pricing.

MPC isn't new to digital assets, nor is Google's involvement in the technology. The idea is to split a private key into individual fragments and distribute them across multiple separate systems, so there is no single point of failure. In 2023, Google published guidance explaining how customers could build MPC-based digital-asset systems using its Confidential Space infrastructure.

Google said it has not previously offered a dedicated MPC custody product for cryptocurrencies. Its existing production services include Google Cloud Key Management Service (KMS) and Cloud HSM, which institutions use to manage and protect cryptographic keys. The new offering brings MPC-based signing, transaction policies and key recovery into a purpose-built service for digital assets, rather than requiring customers to assemble those capabilities themselves.

The move comes as banks and other financial companies explore using blockchains to issue tokenized assets, process payments and offer digital asset custody services.

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