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Casa Introduces Multisignature Self-Custody Vault for Ethereum

Casa pioneers secure self-custody with a groundbreaking Ethereum vault, empowering users to safeguard their digital assets with multisignature protection

Shashank Bhardwaj
Published: Jun 27, 2023 02:31:24 PM IST
Updated: Jun 27, 2023 04:43:23 PM IST

Image: Shutterstock

Casa, a leading cryptocurrency self-custody platform, has significantly advanced the industry by launching support for Ethereum storage. This move expands Casa's offerings beyond Bitcoin and introduces multisignature self-custody solutions for Ether, making it the first platform to provide such a service.

Founded in 2016, Casa has been a proponent of multisignature self-custody, which enhances security by requiring multiple keys to access stored cryptocurrencies. Originally serving high-net-worth individuals referred to as "Bitcoin whales" who were willing to pay substantial fees for custody services, Casa has now expanded its reach to encompass a wider range of users.

With the addition of an Ethereum vault to its platform, Casa enables ETH holders to secure their assets using up to five keys. This development is a significant step forward, as the industry has yet to witness a security solution that could accommodate both Bitcoin and Ethereum on the same platform, apart from various hardware wallet models.

Casa's CEO, Nick Neuman, acknowledged the importance of expanding their services to include Ethereum, given the distinct nature of Bitcoin and Ethereum as separate protocols. He emphasised that users' demand for a multisignature ETH self-custody option and calls from the broader cryptocurrency community drove Casa to introduce this functionality.

Moreover, Casa actively engages with users to explore the possibility of supporting self-custody for additional Ethereum-based assets. This includes non-fungible tokens (NFTs), stablecoins, and ERC-20 tokens, demonstrating the platform's commitment to providing comprehensive storage solutions for various digital assets within the Ethereum ecosystem.

Casa's decision to launch an Ethereum storage solution was prompted by several high-profile incidents involving the collapse of custodians like FTX. These incidents resulted in users losing access to their Ethereum holdings and impacted their Ethereum-based stablecoins and other ERC tokens.

With the rising number of web3 hacks and exploits that have resulted in substantial financial losses, Casa recognises the urgency for robust security measures. Poor private key management has significantly contributed to these incidents, prompting Casa to focus on making self-custody solutions more accessible and user-friendly. This commitment aims to empower individuals with complete control over their digital assets and ensure peace of mind.

As Casa continues to innovate and address the evolving needs of the cryptocurrency community, their commitment to empowering individuals with greater control over their digital assets positions them as a key player in the self-custody space.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash