Earlier this week, the European Central Bank announced it is exploring the use of MPC technology, a move welcomed by Xapo Bank. Xapo Bank, a leading licensed institution in Bitcoin-based banking solutions, commends the ECB’s forward-thinking approach to integrating blockchain technology and multiparty computation (MPC) into financial infrastructure.
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Andrew Mannoukas, CISO at Xapo Bank, highlights MPC’s transformative potential in enhancing security and privacy across financial sectors. He underscores Xapo Bank’s proactive adoption of MPC to secure customer funds through decentralized, quantum-resistant technology.
“Financial institutions such as the ECB acknowledging the need to tackle the ever-growing security and privacy concerns by adopting blockchain technologies such as MPC. This move represents a positive step forward for the financial sector as a whole whereby I expect to see increased adoption of MPC over the next few years as more financial institutions recognise the unparalleled benefits this technology offers.”
Andrew Mannoukas, Chief Information Security Officer (CISO) at Xapo Bank
He adds, “Multiparty computation (MPC) is a cryptographic technique that enables multiple parties to compute a function together without revealing their individual inputs. This ensures data privacy and security by distributing computation across multiple participants, thereby reducing the risk of data breaches and unauthorized access.
Xapo Bank has been at the forefront of MPC adoption as we understood very early on the need for a decentralized approach to securing our customer funds. This approach eliminates the risk of a single point of failure through its distributed shard-based system, addressing the numerous cybersecurity threats prevalent in traditional banking methods.
In an era where hackers are constantly evading banks’ cyber defences, Xapo’s unique Implementation of MPC provides our customers with the transparency and regulatory benefits you would expect from a bank coupled with a best-in-class, quantum-resistant technology.”
Mannoukas’ insights underscore Xapo Bank’s leadership in implementing MPC technology, which ensures robust security measures in an increasingly digitized financial landscape. This approach aligns with global trends where central banks are exploring innovative solutions to enhance economic resilience and operational efficiency.
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About Xapo Bank
Xapo Bank is a fully licensed institution pioneering simple and secure Bitcoin banking solutions. With a commitment to innovation and security, Xapo Bank empowers individuals and institutions to seamlessly integrate digital assets into everyday financial activities.
