Casa Adds Multisignature Ethereum Self-Custody Vault
Casa has added Ethereum support to its self-custody storage solutions, providing multisignature security for BTC and ETH.
Cryptocurrency self-custody platform Casa has rolled out support for Ether storage, touting its support for multisignature Bitcoin and ETH self-storage as a first in the industry. Since its inception in 2016, Casa has promoted multisignature self-custody in the crypto industry. Its flagship Bitcoin vault allows users to store the cryptocurrency using up to five keys for more distributed security.
Casa’s service originally catered to Bitcoin “whales” willing to spend $10,000 a year on custody before opening its service to a broader base of users. The company has now added an Ether vault to its platform, with ETH holders also able to use up to five keys to secure their holdings.
According to Casa CEO Nick Neuman, with Bitcoin and Ethereum operating as entirely different protocols, the industry had not yet built a security solution that accommodates both on the same platform, aside from various hardware wallet models.
The firm is also engaging with users over the potential of adding self-custody support for various ETH-related assets, including nonfungible tokens, stablecoins and ERC-20 tokens.
Casa co-founder and chief technical officer Jameson Lopp highlighted increasing calls for a multisignature ETH self-custody from its users and the wider cryptocurrency community.
Casa announced its intent to launch an ETH storage solution amid several high-profile collapses of custodians like FTX, as many users not only lost access to ETH, but also to their Ethereum-based stablecoins and other ERC tokens.
Hackers also wrought havoc within the Web3 space in 2022, with billions of dollars stolen through decentralized finance bridge hacks and smart contract exploits. It’s a point Neuman highlighted when Casa announced its plans for ETH storage on its platform, with many hacks across the “Web3/crypto space due to poor private key management.”
Industry experts have also suggested that its difficult to estimate the amount of BTC currently held in self-custody wallets.