Casa has incorporated Ethereum support into its self-custody storage offerings, delivering multisignature security for BTC and ETH.
The cryptocurrency self-custody platform Casa has introduced support for Ether (ETH) storage, emphasizing its role in enabling multisignature Bitcoin (BTC) and ETH self-storage as a pioneering move in the sector.
Since its launch in 2016, Casa has advocated for multisignature self-custody in the cryptocurrency space. Its premier Bitcoin vault permits users to store the digital currency utilizing up to five keys for enhanced distribution of security.
Initially, Casa’s services were aimed at Bitcoin “whales” who were prepared to invest $10,000 annually on custody solutions before broadening its offerings to a wider audience. The company has now introduced an Ether vault, allowing ETH holders to similarly leverage up to five keys to protect their assets.
Casa CEO Nick Neuman noted that since Bitcoin and Ethereum function as distinct protocols, a security solution that integrates both on a single platform had not yet been developed within the industry, apart from various hardware wallet alternatives.
The company is also exploring opportunities for providing self-custody support for a range of ETH-related assets, such as nonfungible tokens, stablecoins, and ERC-20 tokens.
As reported earlier by Cointelegraph, Casa co-founder and CTO Jameson Lopp pointed out rising demands for a multisignature ETH self-custody solution from both its user base and the larger cryptocurrency community.
Casa declared its plans to roll out an ETH storage solution amidst several high-profile failures of custodians like FTX, where many users not only lost access to their ETH but also to their Ethereum-based stablecoins and additional ERC tokens.
Related: Ledger CEO states that crypto key recovery services simplify self-custody
Hackers also wreaked havoc within the Web3 domain in 2022, with billions of dollars pilfered through decentralized finance bridge hacks and smart contract vulnerabilities. This concern was highlighted by Neuman when Casa announced its upcoming ETH storage plans, attributing many hacks across the “Web3/crypto ecosystem” to inadequate private key management.
In a conversation with Cointelegraph reporter Joe Hall, cypherpunk Jameson Lopp emphasized the necessity of enhancing the accessibility of self-custody solutions, ensuring users have complete authority over their assets and peace of mind while managing related obligations.
Industry analysts have also indicated that estimating the volume of BTC presently held in self-custody wallets is quite challenging.
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