Bitcoin Custody Firm Casa to Add Ethereum Support
The addition is part of a major update of the Casa app, which will be launched in January.
Casa, a Bitcoin self-custody firm, was the first company of its kind. The company is now adding Ethereum support – which comes as a surprise to many, but it actually makes sense. A revamped version of the Casa app will be launching in January.
Some people consider Casa to be just a Bitcoin company, but Jeremy Welch, the company’s original CEO and co-founder, had the idea of adding other currencies early on. In fact, some may think so because of the popularity of the company’s chief technology officer and co-founder, Jameson Lopp. This cypherpunk and Bitcoin advocate is widely respected and has over half a million followers on Twitter.
If you are new to crypto, read more: What is Crypto Custody.
In January, Casa will support the Ethereum cryptocurrency, ether. This change is only one of many that are coming to the platform in order to make Casa more user-friendly.
“Casa is set to debut a refreshed version of their app, with an enhanced UI and UX that will improve the experience for members. Following that, Casa will launch Ethereum storage as well as new membership plans.”
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The app’s multisignature, or “multisig” function, allows you to use more than one private key to sign a transaction. With our multisignature technology, if your user loses their financial data, they would still be able to access it with the remaining two. To protect against data loss, we recommend that you use a 2-of-3 multisig configuration where three private keys exist but only two are needed to spend your cryptocurrency.
“You have multiple keys protecting one pool of bitcoin or ether,” says current Casa CEO Nick Neuman. “That means if you lose one key, you don’t lose all of your money.” So you’re protected against any mishaps and you don’t have to worry about losing your entire life savings.
Crypto custody for ‘everything important.’
Earlier this month an exchange called FTX collapsed and many of their retail investors lost all of their money. This has reignited the not your keys, not your coins mantra (which essentially means that in order to have control of crypto assets you need to have control of the private key) and appears to have brought self-custody solutions back into the spotlight.
Recent news of the FTX failure has proven that people need a simple and secure way to hold their private keys. Self-custody is the only way to prove ownership and control of your digital assets.
Read more: FTX Employees Were Encouraged to Keep Life Savings in the Now-Bankrupt Exchange, Sources Say
Jeremy Lopp’s ties to the Bitcoin community and Casa’s association with Bitcoin might be a cause for concern. Ethereum interested customers will likely migrate away from the company, right? Not according to Neuman.
“I’m not worried that Ethereum is going to damage our brand or business,” Neuman explained. “That’s because we’ve been listening to our customers. We want the Casa experience to be about owning your private keys, which means you’re in control of all your types of money, not just your bitcoins.”