Censo Unveils Mobile-Based Self-Custody Solution

A bitcoin storage company called Censo has lately come out of hiding with its cutting-edge mobile phone-based self-custody service. The business seeks to offer institutions and smaller businesses a user-friendly and cost-effective replacement for current technologies.

Censo uses an open source “decentralized key management” strategy as opposed to the complicated and expensive multiparty computation (MPC) solutions typically utilized in institutional crypto custody. CEO Andrew Lawrence emphasized the disadvantages of using third-party MPC service providers, including their centralized nature, expensive pricing, and laborious interactions. During an interview with Coinbase, Andrew stated, “If you’re an organization requiring 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 it’s sort of cumbersome in to interact with.”

Unlocking Accessible and Decentralized Custody for All

The implementation of traditional institutional-grade custody solutions for digital assets has been expensive and difficult, frequently requiring specialist gear and software, such as MPC. Censo and related new businesses are promoting open, practical, and affordable alternatives as a reaction.

The secure hardware enclaves and biometric gating offered by contemporary mobile devices are utilized by Censo’s approach. Censo’s white paper presents a convincing argument for decentralized key management and self custody by securely coupling cryptographic keys to actual people. Numerous organizations, including hedge funds, market makers, Web3 companies, and decentralized autonomous organizations (DAOs), find the technology useful.

CEO Andrew Lawrence stressed the benefits of Censo’s strategy, pointing out that it enables businesses to keep control over critical content while empowering individuals to sign documents without giving them access to confidential information that hasn’t been encrypted. He stated, “The ability to do key management with phones allows organizations to control the key material and empower individuals to be signers without the signers themselves ever being able to have access to unencrypted versions of full pieces of private material. Nonetheless, it’s totally self custody.”

The crypto sector advances in democratizing access to secure custody solutions by removing obstacles and complications associated with conventional models thanks to Censo’s revolutionary technology. Institutions and organizations may confidently navigate the crypto landscape while preserving total control and ownership of their digital assets by adopting mobile-based key management.