Bitcoin and Ethereum are two of the most well-known cryptocurrencies, and their security measures are at an all-time high. Casa, a company founded in 2016, has long promoted multi-signature self-custody of Bitcoin with its flagship Bitcoin vault. This vault allows users to store their Bitcoin using up to five keys for more distributed security. Initially catering to Bitcoin “whales” with a $10,000 annual fee for custody, it later expanded its services to a broader base of Bitcoin users. Now, the company has introduced an Ethereum vault to its platform, providing multi-signature security for both BTC and ETH.
The fact that Bitcoin and Ethereum operate as completely different protocols has hindered the development of security solutions that accommodate both on the same platform. With the introduction of the Ethereum vault, Casa aims to solve this issue, allowing ETH holders to use up to five keys to secure their holdings. In addition, the company is considering adding self-custody support for various Ethereum-related assets, including nonfungible tokens (NFTs), stablecoins, and ERC-20 tokens.
The need for multi-signature self-custody solutions has grown in the cryptocurrency community due to the high-profile collapses of major exchanges like FTX. These collapses led to many users losing access not only to their ETH but also to their Ethereum-based stablecoins and other ERC tokens. Casa’s Ethereum vault aims to mitigate this risk by providing more secure custody solutions.
Hackers have also caused concern in the web3 space with billions of dollars stolen through decentralized finance bridge hacks and smart contract exploits. As a result, Casa is advocating for better private key management to prevent such losses and further improve the security of the cryptocurrency industry.
Casa’s expansion to include Ethereum support emphasizes the importance of self-custody solutions. By providing more accessible and user-friendly services, companies like Casa can ensure that users have full control over their assets and are able to manage their responsibilities with greater peace of mind.
There is still an ongoing debate about the amount of Bitcoin currently held in self-custody wallets. Many industry experts struggle to provide accurate estimates, but the introduction of multi-signature self-custody solutions for both Bitcoin and Ethereum could make self-custody more attractive to cryptocurrency users, potentially shifting the balance of stored assets.
In a time when the safety and security of digital assets are of utmost importance, the emergence of companies like Casa offering multi-signature, self-custody solutions for cryptocurrencies like Bitcoin and Ethereum is crucial in not only ensuring the safety of users’ assets but also fostering trust and growth within the cryptocurrency community.
Source: Cointelegraph
