Gemini Cryptocurrency Exchange Announces Purchase of Shard X Custodian Startup
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The American cryptocurrency exchange Gemini, owned by the Winklevoss brothers, announced the acquisition of a custodian startup Shard X. The amount of the transaction has not yet been disclosed.
In a press release, Gemini emphasizes that Shard X’s multilateral computing technology will help the exchange increase the speed of user funds exchanges and utilization. Exchange COO Noah Perlman said:
“The integration of Shard X technology into Gemini custody services will allow us to meet modern requirements for the speed of withdrawal of client funds. It will also allow working with staking in the field of decentralized finance and make transfers of digital assets more efficient. ”
Multilateral computing makes cryptographic signatures more secure and faster. The private key is never fully collected, thus eliminating a single point of failure. It is broken into pieces and distributed among several holders. According to Shard X’s management, the company’s technology allows the security of cold wallets to be combined with the convenience of hot wallets.
The founders of London-based startup Shard X will join Gemini’s UK-based affiliate team. Recall that at the end of April, the Gemini exchange launched a Mastercard credit card with the ability to receive cashback in cryptocurrencies.
