The cryptocurrency self-custody platform Casa has introduced support for Ether storage (ETH), promoting its compatibility with Bitcoin’s multi-signature self-storage (BTC) and ETH as an industry first.
Since its creation in 2016, Casa has promoted multi-signature self-custody in the cryptocurrency sector. Its flagship Bitcoin vault allows users to store cryptocurrency using up to five keys for more distributed security.
Casa’s service initially targeted Bitcoin “whales” willing to pay $10,000 a year in escrow, before opening up its service to a broader user base. The company has now added an Ether vault to its platform, in which ETH holders can also use up to five keys to secure their holdings.
According to the CEO of Casa, Nick Neumann, Since Bitcoin and Ethereum function as totally different protocols, the industry had yet to create a security solution that would accommodate both on the same platform, aside from various hardware wallet models.
The firm is also discussing with users the possibility of adding self-custody support for various ETH-related assets, including non-fungible tokens, stablecoins, and ERC-20 tokens.
As Cointelegraph previously reported, Casa co-founder and CTO, Jameson Lopp highlighted the growing requests for multi-signature self-custody for ETH by its users and the crypto community in general.
Home advertisement their intention to launch an ETH storage solution amid several high-profile collapses of custodians like FTX, as many users lost access not only to their ETH, but also to their Ethereum-based stablecoins and other ERC tokens.
Hackers also wreaked havoc on the Web3 space in 2022, with billions of dollars stolen through DeFi bridge attacks and smart contract exploits.. It’s a point Neuman made when Casa announced its plans for ETH storage on its platform, with many hacks all over the “Web3/crypto space due to mismanagement of private keys.”
In an interview with Cointelegraph journalist Joe Hall, cypherpunk Jameson Lopp stressed the importance of making self-custody solutions more accessible and simple to offer users full control of their assets and the peace of mind of managing the associated responsibilities.
Industry experts have also suggested that it is difficult to estimate the amount of BTC currently in self-custody wallets.
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