Since its inception in 2016, Casa has pioneered multi-signature BTC self-custody in the industry with its flagship Bitcoin vault, which allows users to store the cryptocurrency using up to five keys for more distributed security.
Casa’s service originally catered to Bitcoin ‘whales’ who were willing to spend $10,000 a year on escrow, before opening up its service to a broader base of Bitcoin users. The company has now added an Ethereum vault to its platform, and ETH holders can also 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 means that the industry had yet to create a security solution that accommodates both on the same platform, in addition to various wallet models of hardware.
The firm is also engaging with users about the potential to add self-custody support for various ETH-related assets, including non-fungible tokens (NFTs), stablecoins, and ERC-20 tokens.
As previously reported by Cointelegraph, Casa co-founder and CTO Jameson Lopp highlighted increasing requests for self-custody of multi-signature ETH from its users and the broader cryptocurrency community.
Fueled by a series of high-profile crashes of major exchanges like FTX, Casa Announced their intention to launch the ETH storage solution given that many users not only lost access to ETH but also their Ethereum-based stablecoins and other ERC tokens.
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Hackers wreaked havoc on the web3 space in 2022, with billions of dollars stolen through decentralized finance bridge hacks and smart contract exploits. It’s a point Neuman made when Casa announced plans for ETH storage on its platform, with a multitude of attacks in the ‘web3/crypto space due to poor private key management’.
Cryptocurrency self-custody platform Casa has implemented support for Ethereum (ETH) storage, touting its support for automatic multi-signature Bitcoin (BTC) and ETH storage as an industry first.
In an interview with Cointelegraph journalist Joe Hall, Lopp highlighted the importance of making self-custody solutions more accessible and user-friendly to give users full control of their assets and the peace of mind of managing associated liabilities.
Industry insiders have also suggested that it is difficult to estimate the amount of BTC currently held in self-custody wallets.
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