Censo Introduces Mobile-Friendly Crypto Storage for Institutions

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Censo, a cryptocurrency custody company, has come out of stealth mode with a mobile phone-based self-custody offering for institutions and small organizations that it says is easier to use and less expensive than existing technologies.

The company’s open source decentralized key management approach eliminates the complex and costly pitfalls of multiparty computing (MPC), a popular key sharing technology in institutional crypto custody.

If you’re an organization that requires key management, you tend to go to a third-party MPC service provider Fireblocks, Copper, etc., which is centralized, usually closed-source, often very expensive and difficult to interact with, a said CEO Andrew Lawrence. in an interview with CoinDesk.

Institutional-grade custody for digital assets has traditionally been expensive and not straightforward, using new technologies like MPC that require specialized hardware and software. This has spurred the emergence of a multitude of security solutions embracing open, accessible and less expensive approaches.

The Censo model involves using the secure hardware enclaves found in today’s mobile devices, along with their biometric locking, to tightly tie cryptographic keys to real-world agents, according to the company’s white paper.

This makes a very compelling case as an alternative to MPC for organizations that want truly decentralized autonomous key management and custody, said Brett Falk, research assistant professor at the University of Pennsylvania, in a statement.

Censo’s technology could be used in any situation where two or more signers need to be coordinated, Lawrence said, from hedge funds and market makers to Web3 companies and decentralized autonomous organizations (DAOs).

The ability to manage keys with phones allows organizations to control key material and allow individuals to be signers without the signers themselves ever being able to access unencrypted versions of full pieces of private material, Lawrence said. Nevertheless, his completely self-sufficient guard.

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