Blockchain
Cobo And Bitmap Tech Join Forces To Establish Merlin Chain, A Bitcoin Layer 2 Network With MPC Custody Technology
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SINGAPORE, Feb. 02, 2024 (GLOBE NEWSWIRE) -- Cobo, a leading provider of digital asset custody solutions, has announced a strategic partnership with Merlin Chain, an innovative Bitcoin Layer 2 solution.
Merlin Chain is a subsidiary product line from Bitmap Tech (formerly RCSV), a premier team boasting an overall market cap exceeding $500 million. The BRC-420 "Blue Box" collection under Bitmap Tech has become one of the hottest Ordinals assets. Integrating ZK-Rollup network, decentralized oracle network, and on-chain BTC fraud proof modules, Merlin Chain is committed to empowering Bitcoin's native assets, protocols, and products on Layer1 through its Layer2 network, to Make Bitcoin Fun Again.
Merlin Chain will bridge multiple native assets from Bitcoin Layer 1 to Layer 2, utilizing Cobo’s cutting-edge MPC wallet solution - Cobo MPC Co-Managed Custody, to ensure all funds remain non-custodial and secure. When users engage in cross-chain transactions or airdrop lockups through Merlin Chain, assets from Bitcoin Layer 1 entering the bridge will be securely stored in the secure MPC wallet jointly managed by Cobo and Merlin Chain. All transactions will undergo comprehensive risk policies by both Merlin Chain and Cobo before signatures are released, ensuring that there is no single point of failure. This collaboration showcases a pioneering blend of accessibility and top-tier security.
Cobo MPC Co-Managed Custody solution employs advanced Multi-Party Computation technology to implement a Threshold Signature Scheme. With Cobo's MPC-TSS approach, private key shares are individually generated in separate secure environments, encrypted, and distributed among multiple parties. These parties jointly sign transactions without ever revealing their individual key shares to one another. Cobo's MPC Co-Custody Solution empowers Merlin Chain with institutional-grade security, ensuring private keys never exist or reside on any single device. This effectively eliminates the single point of failure risk, insulating user assets from attacks and human errors.
In the near future, Cobo's custody solution will also support native tokens on Merlin Chain. Users will be able to securely store and manage Merlin Chain tokens with Cobo, benefiting from a seamless and robust digital asset management solution.
"We are delighted that Bitmap Tech has chosen Cobo as its preferred digital asset wallet technology solution. This partnership aims to provide Merlin Chain with a state-of-the-art, institutional-grade, non-custodial wallet infrastructure. We eagerly anticipate deeper collaborations with Bitmap Tech. By working together, we can amplify breakthroughs across the Bitcoin ecosystem, unlocking the full possibilities of this network,” said Changhao Jiang, Co-Founder and CTO of Cobo.
Jeff, Bitmap Tech Founder and CEO stated, “We are thrilled to partner with Cobo, a renowned leader in digital asset custody technologies to push the boundaries of what’s possible in the Bitcoin ecosystem. Our pioneering Layer 2 solution, Merlin Chain, fueled by the power of Cobo’s MPC Co-managed Custody, is set to redefine user experience, security, and accessibility of the Bitcoin network.”
About Cobo
Cobo is a globally trusted leader in digital asset custody solutions. As the world’s first omni-custody platform, Cobo offers the complete spectrum of solutions from custodial wallets to non-custodial wallets including MPC and smart contract wallets, as well as Wallet-as-a-Service, a DeFi 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 3.0. Cobo is ISO27001 certified, SOC2 Type 1 and Type 2-compliance-certified, and licensed in 4 jurisdictions.
For more information, please visit www.cobo.com.
About Merlin Chain
Merlin Chain is a Bitcoin Layer2 that integrates ZK-Rollup network, decentralized oracle network, and on-chain BTC fraud proof modules. Merlin Chain is committed to empowering Bitcoin's native assets, protocols, and products on Layer1 through its Layer2 network, to Make Bitcoin Fun Again. Merlin Chain is a subsidiary product line of Bitmap Tech, a premier OG team boasting an overall market cap exceeding $500 million. The BRC-420 "Blue Box" collection under Bitmap Tech has become one of the hottest assets on Ordinals.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac127fc8-40df-4cb3-8498-4223d20ce1e2
First published on Fri, Feb 2, 2024
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