Cobo's MPC Wallet-as-a-Service Solution Empowers Hooked Protocol to Onboard the Next Billion onto Web3

Hooked Protocol, a pioneering AI-powered Web 3 edutainment network, leverages Cobo's MPC Wallet-as-a-Service (WaaS) solution to boost user asset security and operational efficiency

SINGAPORE, April 12, 2023 /PRNewswire/ -- Cobo, a leading global digital asset custody solutions provider, has announced its partnership with Hooked Protocol, a prominent Web 3 edutainment network with a focus on mass adoption, to integrate its MPC (Multi-Party Computation) WaaS (Wallet-as-a-Service) solution into Hooked Protocol's platform.

As part of the partnership, Hooked Protocol will leverage Cobo's MPC WaaS solution to strengthen user asset security and boost operation and development efficiency, empowering the protocol to onboard the next billion users onto Web3 securely.

Cobo's MPC WaaS utilises cutting-edge MPC technology to implement a Threshold Signature Scheme (TSS). With Cobo's MPC-TSS implementation, private key-shares are individually generated in secure environments, encrypted and distributed among multiple parties. These parties can then jointly sign transactions without ever exposing their individual key-share to one another or materialising the private key in full at any point in time. Cobo's MPC WaaS eliminates a single point of failure, insulating Hooked Protocol's assets from security attacks and human errors.

"This collaboration aims at providing Hooked Protocol with a powerful wallet infrastructure for custody and blockchain interactions to ensure the independence and security of the protocol and user assets," said Dr Jiang Changhao, co-founder and CTO of Cobo. "This is especially important in the current digital asset landscape, where centralised platforms increasingly face scepticism."

Cobo's MPC WaaS is built upon years of experience and technical know-how in delivering institutional-grade custody solutions. By leveraging Cobo's MPC WaaS, Hooked Protocol was able to deploy a wallet into their platform safely and seamlessly, while significantly minimising the cost of implementing a wallet infrastructure.

"We take the security of our users' assets and the safety of our platform very seriously. By partnering with Cobo, we can strengthen our platform's security while creating seamless Web3 onboarding experiences for our consumers," said Jason Y, Founder and CEO of Hooked Protocol.

About Hooked Protocol

Hooked Protocol is a pioneering edutainment network with the mission to onboard the next billions of users onto Web3 through immersive and AI-powered gamified learning experiences and robust on-ramping infrastructures. Hooked Protocol's debut DApp attracts more than 3 million monthly active users worldwide. Hooked Protocol was successfully listed on Binance Launchpad in 2022 and is supported by thriving global communities.

About Cobo

Cobo is a leading global digital asset custody solutions provider. Founded in 2017 and headquartered in Singapore, Cobo is one of the largest digital asset custodians globally, trusted by over 500 institutional clients across Asia, Europe, the Middle East, and North and South America, with billions of dollars in assets under custody. Cobo offers a comprehensive suite of custody technologies from full custody (HSM-based), and co-managed custody (MPC-based), to fully decentralized self-custody (smart contract-based). On top of custody solutions, Cobo provides Wallet-as-a-Service, SuperLoop (off-exchange settlement network), and Argus (on-chain DeFi investment tools with role-based access controls). For more information, please visit https://www.cobo.com.

SOURCE Cobo