Gemini Custody

Gemini Acquires Shard X to Improve Crypto Exchange’s Security and Speed

Gemini has acquired Shard X, a developer of secure multi-party computation (MPC) cryptographic technology to increase the speed with which Gemini can transfer customer assets and provide support for new asset listings and usage on its platform.

The cryptocurrency exchange led by the Winklevoss twins will integrate Shard X’s MPC technology into its distributed, multi-site key management and signing infrastructure.

MPC is a cryptographic technology, where private keys are never constructed in full, removing a single point of failure. MPC breaks up private keys into shards or parts and distributes them between various parties to execute a transaction.

Tyler Winklevoss, Chief Executive Officer at Gemini, said: “Integrating MPC technology into our wallets will enable secure and faster crypto transfers that will help our customers keep pace with liquidity needs and market demands.”

Shard X was founded in 2018 by Yaniv Neu-Ner, Nikita Lesnikov, and Navaho De Wet in London. All three members will be joining Gemini’s UK affiliate.

Gemini has recently acquired NFT marketplace Nifty Gateway in 2019 and crypto credit card firm Blockrize earlier this year.

The crypto exchange has also recently deployed Alloy’s platform to automate identity decisions and verification for the new Gemini Credit Card. Alloy facilitates the onboarding process for credit card customers and helps to ensure the right systems are in place to capture and review customer data to reduce exposure to non-compliant account openings.

In 2020, Gemini joined Itiviti’s NYFIX order routing network. Itiviti was recently acquired by Broadridge for $2.5 billion.

That year, CryptoCompare’s Exchange Benchmark ranked Gemini in the first place among more than 165 global spot exchanges based on several criteria including counterparty, operational, trading, and security risk.