Gemini Custody, the institutional custody service of cryptocurrency exchange Gemini, has transitioned to a multi-party computation (MPC) protocol, a cryptographic technique that splits key material across multiple parties so that no complete private key ever sits in a single location. The company announced on October 8, 2026 that every net-new Gemini Custody account now opens on MPC infrastructure, while existing customers will move to the new system through a coordinated migration.

According to Gemini, withdrawals now typically complete in minutes, ending the wait for legacy daily withdrawal runs. The upgrade also adds support for additional blockchains and enables customers to approve transfers with their own passkey. Gemini said the change keeps its regulated custodial structure in place.

Faster Withdrawals and Wider Blockchain Support

Gemini shared the update in a post on X. The company wrote that its new MPC technology means "withdrawals completed in minutes." The post also listed "support for more blockchains" and the ability to "approve transfers with your own passkey," closing with the line "Faster access. More flexibility."

Gemini Custody just got an upgrade.

Our new MPC technology means:
• Withdrawals completed in minutes
• Support for more blockchains
• Approve transfers with your own passkey

Faster access. More flexibility.

Read more

— Gemini (@Gemini) October 8, 2026

Gemini Custody serves institutional clients that require secure storage for digital assets. For those clients, withdrawal speed shapes how quickly assets can be redeployed once internal approvals clear, a constraint the legacy daily withdrawal runs imposed.

Following the X post, Gemini published a longer post titled "Gemini's Shift to Multi-Party Computation Marks a New Era in Crypto Custody." The company said customers "no longer need to wait for legacy daily runs." Gemini stated that adoption and transaction volumes continue to grow, and that its MPC system can handle near-instantaneous withdrawals while maintaining custom policy approval logic for each team.

Customers can now transact on several new networks, including Tron, SUI, MON, Hype, Arbitrum, and XRPL. Gemini added that the service now supports newer signature schemes, allowing the platform to keep pace with changes across the crypto market.

How the MPC Design Works

In the MPC system used by Gemini Custody, key shares are distributed across several parties. Gemini wrote that the complete private key is never assembled, "not in storage, not during signing," and added that "each share alone reveals nothing."

Every transfer is also verified end to end at the signer level. Furthermore, each MPC signer undergoes separate upgrades and operates under independent governance, a process that includes cryptographic attestations to the software running in the environment. Gemini said this gives customers the most secure experience possible.

The company noted that its current multi-signature setup already protects against any single point of failure and that, according to Gemini, MPC adds to that protection. The distinction is structural: multi-signature arrangements require separate, complete signatures from distinct keys, while MPC splits fragments of key material among parties so that signing never requires reconstructing the full private key. The firm also pointed to lower-cost transactions and custody addresses that look like any other. According to Gemini, the approach modernizes the technology behind its custody service while preserving the custodial relationship.

Passkey Approvals and What Stays the Same

Gemini Custody customers now authorize address-book changes and withdrawals with their own passkey. Gemini said this method is "phishing-resistant because it's bound to the genuine Gemini site." A customer may sign in with one passkey and approve transfers with a separate hardware key, and Gemini said the approval policy remains under the customer's control.

Existing customers will move to new custody accounts, and each network will have new deposit addresses. Gemini said customers will receive details of the transition in a separate communication, making the switch to new deposit addresses the next operational step for existing clients to track. Meanwhile, every net-new Gemini Custody account already opens on MPC infrastructure.

Several elements of the service remain unchanged. Assets stay with Gemini Trust Company, LLC, a New York State-chartered trust company and qualified custodian. Client assets remain segregated on-chain in unique, independently verifiable addresses, and account policies such as Multi-User Approval stay available and configurable.

In addition, the company said custody infrastructure must keep up with the market. Gemini described the update as the start of Gemini 2.0.

Source: Blockonomi