Casa has added Ethereum support to its self-custody storage solutions, providing multisignature security for BTC and ETH.
Since its inception in 2016, Casa promoted multi-signature self-custody of BTC in the industry with its flagship Bitcoin vault allowing users to store the cryptocurrency using up to five keys for more distributed security.
Casa’s service originally catered to Bitcoin ‘whales’ that were willing to spend $10,000 a year on custody, before opening its service to a broader base of Bitcoin users. The company has now added an Ethereum 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, the fact that Bitcoin and Ethereum operate as completely 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 (NFTs), stablecoins and ERC-20 tokens.
As previously reported by Cointelegraph, Casa co-founder and chief technical officer Jameson Lopp highlighted increasing calls for a multi-signature ETH self-custody from its users and the wider cryptocurrency community.
Driven by a number of high profile collapses of major exchanges like FTX, Casa announced its intent to launch ETH storage solution given that many users not only lost access to ETH but their Ethereum-based stablecoins and other ERC tokens.
Hackers 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 that Neuman highlighted when Casa announced its plans for ETH storage on its platform, with a multitude of hacks across the ‘web3/crypto space due to poor private key management.’
In an interview with Cointelegraph journalist Joe Hall, Lopp stressed the importance of making self-custody solutions more accessible and easier to use to give users full control of their assets and peace of mind managing the associated responsibilities.
Industry experts have also suggested that its difficult to estimate the amount of BTC currently held in self-custody wallets.