Casa introduces Ethereum self-custody vault with multisignature feature.
The cryptocurrency self-custody platform Casa has introduced support for storing Ether (ETH) and claims to be the first in the industry to offer multisignature Bitcoin (BTC) and ETH self-storage.
Casa has been promoting multisignature self-custody in the crypto industry since its establishment in 2016. Its flagship Bitcoin vault allows users to store the cryptocurrency using up to five keys for more distributed security.
Initially, Casa’s service was aimed at Bitcoin “whales” willing to pay $10,000 a year for custody before opening up to a wider base of users. The company has now added an Ether vault to its platform, allowing ETH holders to use up to five keys to secure their holdings.
Casa CEO Nick Neuman stated that the industry had not yet developed a security solution that accommodates both Bitcoin and Ethereum on the same platform, except for various hardware wallet models. The company is also considering adding self-custody support for various ETH-related assets, including nonfungible tokens, stablecoins, and ERC-20 tokens.
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Casa co-founder and chief technical officer Jameson Lopp has also highlighted the increasing demand for multisignature ETH self-custody from its users and the wider cryptocurrency community. The company announced its intention to launch an ETH storage solution after several high-profile collapses of custodians such as FTX, where users not only lost access to ETH but also to their Ethereum-based stablecoins and other ERC tokens.
Industry experts have also suggested that it is difficult to estimate the amount of BTC currently held in self-custody wallets.
Casa’s plans for ETH storage on its platform come as hackers have caused chaos in the Web3 space in 2022, with billions of dollars stolen through decentralized finance bridge hacks and smart contract exploits. Casa CEO Nick Neuman pointed out that many hacks across the “Web3/crypto space” were due to poor private key management.
According to cypherpunk Jameson Lopp, making self-custody solutions more accessible and easier to use is essential to give users complete control of their assets and peace of mind managing the associated responsibilities.
The article also discusses the potential risks of Bitcoin becoming a worse version of Ethereum and the need to address these issues.
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