Casa has recently introduced support for Ethereum (ETH) storage, making it the first platform in the industry to offer multisignature self-storage for both Bitcoin (BTC) and ETH.
Since its establishment in 2016, Casa has been a strong advocate for multisignature self-custody in the cryptocurrency sector. Its flagship Bitcoin vault enables users to securely store their BTC by utilizing up to five keys for enhanced security measures.
Casa initially targeted Bitcoin “whales” who were willing to spend $10,000 annually on custody services. However, the company has expanded its services to cater to a wider user base. As part of this expansion, Casa has introduced an Ether vault to its platform, allowing ETH holders to secure their assets using up to five keys.
Casa CEO Nick Neuman explained that, due to the distinct protocols of Bitcoin and Ethereum, the industry has yet to develop a security solution that accommodates both on a single platform, aside from various hardware wallet options.
Additionally, Casa is actively exploring the possibility of adding self-custody support for different ETH-related assets, such as nonfungible tokens (NFTs), stablecoins, and ERC-20 tokens.
Casa’s decision to launch an ETH storage solution comes in response to several well-known collapses of custodians, like FTX, wherein users not only lost access to their ETH but also to their Ethereum-based stablecoins and other ERC tokens.
Furthermore, throughout 2022, hackers have caused significant disruptions within the Web3 space, resulting in billions of dollars being stolen through decentralized finance bridge hacks and smart contract exploits. Casa CEO Nick Neuman emphasized the importance of proper private key management in preventing such hacks.
Recognizing the significance of accessible and user-friendly self-custody solutions, cypherpunk Jameson Lopp stressed the need to empower users with complete control over their assets and the associated responsibilities.
Industry experts have also highlighted the challenges in estimating the amount of BTC currently held in self-custody wallets.
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