Cobo Partners with B² Network to Enhance Advanced Bitcoin Layer 2 Infrastructure with Co-Managed MPC Custody Solution
Singapore - May 31, 2024 - Cobo, a leading provider of digital asset custody solutions, today announced a strategic partnership with B² Network, a pioneering Bitcoin Layer 2 solution. Leveraging Cobo’s co-managed Multi-Party Computation (MPC) custody solution, the collaboration aims to build an advanced Bitcoin Layer 2 infrastructure that enhances both scalability and security of the Bitcoin ecosystem.
B² Network is an innovative modular Bitcoin Layer 2 solution featuring B² Rollup, the first Bitcoin rollup based on verification commitment, and B² Hub, the first data availability (DA) layer to achieve finality on the Bitcoin network. B² Hub ensures state transitions through Data Availability Sampling (DAS) and Zero-Knowledge Sampling Checkpoints, ultimately settling on the Bitcoin network to leverage its robust security and ensure transaction legitimacy and data availability.
Through this partnership, B² Network will integrate Cobo’s state-of-the-art MPC technology to ensure the funds secured through Cobo’s technology remain non-custodial and safe. When users engage in cross-chain transactions or staking via B² Network, the staked assets secured by Cobo will be co-managed by both Cobo and B² Network, following B² Network’s predefined security risk control policies, ensuring the highest level of asset protection.
Cobo’s co-managed MPC custody solution utilizes advanced MPC technology to implement threshold signature schemes (TSS). This ensures that private key shards are individually generated, encrypted, and distributed among multiple parties in a secure manner. These parties collaboratively sign transactions while maintaining the confidentiality of their individual key shares, thereby eliminating any single point of failure. Leveraging sophisticated key sharding and encryption technology, Cobo’s co-managed MPC custody solution offers B² Network a tailored asset protection strategy. This ensures robust defense against security threats and human errors, providing their users with unparalleled peace of mind.
“Cobo is dedicated to pushing the boundaries of what’s possible in digital asset security,” said Dr. Changhao Jiang, CTO and Co-Founder of Cobo. “Our collaboration with B² Network allows us to showcase the strengths of our co-managed MPC custody solution, and together, we aim to set new standards for security and scalability in the industry. We look forward to a fruitful partnership that will benefit the entire Bitcoin community.”
About Cobo
Cobo is a globally trusted leader in digital asset custody solutions. As the world’s first omni-custody platform, Cobo offers a complete range of solutions – from custodial wallets to non-custodial wallets, including MPC and smart contract wallets, as well as Wallet-as-a-Service, an on-chain digital asset management platform (Argus), and an off-exchange settlement network (SuperLoop). Trusted by over 500 institutions with billions in assets under custody, Cobo inspires confidence in digital asset ownership by enabling safe and efficient management of digital assets and interactions with Web 3. Cobo is ISO 27001 and SOC2 (Type 1 and Type 2)-certified, and licensed in 4 jurisdictions. In recognition of its industry-leading innovations, Cobo has earned accolades from Hedgeweek, Global Custodian, among others.
For more information, please visit www.cobo.com.
About B² Network
B² Network is the first Bitcoin Rollup based on zero-knowledge proof verification. This Layer-2 solution enhances transaction speeds and broadens application diversity, all without compromising security. B² provides a DA Layer that’s integrated with the state transition verification and proof system, and in turn reduces costs & time associated with on-chain proof.