Krayon uses multi-party computation (MPC) to secure your digital assets. MPC is the leading solution for crypto asset custody.
Krayon's digital asset custody platform was built for companies and teams. With Krayon, you can create an organisational account that lets you manage user roles and permissions.
Getting in and out of crypto doesn't have to be hard. We make it easy for you to switch from fiat to crypto and crypto to fiat.
Crypto custody is a broad term that includes different methods for storing or protecting other people's digital assets. Crypto custody is similar to the custody of traditional financial assets, where you rely on third party custodians to safeguard them. However, there's one major difference with crypto. Given the decentralised nature of digital asset infrastructure, it's impossible to roll back transactions. This means if your assets are stolen, it would be virtually impossible to recover them. And this is why security is even more necessary when it comes to digital asset custody.
Crypto custodians are independent third parties that store crypto currencies like Ethereum and Bitcoin on behalf of their clients in return for a fee - usually calculated as a percentage of the value of the assets. There are lots of different types of custody as well as a range of crypto custodial services to choose from, which is why we reviewed a bunch of them. You can check it out here: List of best crypto custodians.
At a high level there are three main types of crypto storage. These are:
Hot storage is typically associated with self-custody as the private keys are stored on the user's device. Warm and cold storage custody solutions are the best options when you're looking to safeguard a significant amount of crypto.
Some cryptocurrency custody solutions provide a combination of the above. And it's also important to distinguish between the sub-categories amongst different types of crypto custody as there are advantages and disadvantages associated with all of them. For example, warm storage could entail the use of multi-party computation or a multisignature wallet.
Krayon uses MPC (multi-party computation) as well as other security measure to keep your crypto assets secure. You can learn more here: What is MPC?
The short answer is that multisig wallets aren't fit for enterprise solutions. Multisigs lack the operational flexibility and privacy afforded to you by using an MPC solution. You can check out this page on MPC vs. Multi-sig.
