Blockdaemon, a blockchain node infrastructure provider supporting more than 50 networks, today announced the acquisition of Sepior, an institutional-focused data and digital asset security company management and protection of cryptographic keys. Terms of the agreement were not disclosed.
Following the acquisition, Blockdaemon will add the ability to offer institutional clients custodial and non-custodial wallet solutions for crypto-assets.
Hundreds of Institutions Now Use Sepior’s Multiparty Compute (MPC) key management and protection technology in their services by licensing them directly from Sepior or one of Sepior’s distribution partners who offer wallets and/or custody platforms.
Blockdaemon has seen significant growth among institutional customers and since Q2, Blockdaemon has nearly doubled that number in less than a year.
Considered a pioneer in the development and application of advanced MPC algorithms to real-world problems, Sepior solves the “single point of failure” problem that many digital asset management institutions face with the theft or misuse of private keys, which contributed to losses of more than $3.2 billion in 2021.
The addition of Sepior to Blockdaemon’s portfolio of solutions provides institutions with a blockchain-agnostic, custodial or non-custodial, hardware-agnostic solution for private key management usage and storage.
The Sepior team is made up of prominent cryptographers and industry veterans who will join the Blockdaemon team as part of the acquisition.
“We are thrilled to bring Sepior into the Blockdaemon family. The ability to properly secure private keys is a cornerstone of the multi-billion dollar institutional crypto-finance industry. With this acquisition, we are now in able to foster the distribution of trust, identity and confidentiality of keys at scale.”
– Konstantin Richter, Founder and CEO of Blockdaemon
With the addition of Sepior, Blockdaemon’s institutional customers can now create hot and cold crypto wallet services, protect dApps keys, and ensure transactions are securely signed.
Notably, Sepior’s technology adds a fifth layer to Blockdaemon’s risk mitigation strategy designed to protect institutional clients as they seamlessly connect to the blockchain economy.
“We are incredibly excited to partner with Blockdaemon. This move allows us to accelerate the onboarding of our institutional clients while continuing to invest in our roadmap that uniquely meets their needs in this rapidly changing environment. The integration of advanced MPC into Blockdaemon’s portfolio opens up new use cases for our technology that will allow us to serve our customers with even better digital asset security solutions.
– Ahmet Tuncay, former CEO of Sepior and now Head of MPC Digital Asset Security at Blockdaemon