No Keys, No Problem: Circuit and Utila’s Groundbreaking Recovery Partnership

Utila Integrates with Circuit to Strengthen Institutional Crypto Security

New York, 15 October 2024 — Utila, the leading institutional MPC wallet platform, and Circuit, a pioneer in keyless recovery, today announced a strategic partnership. This collaboration integrates Circuit’s industry-leading keyless recovery technology with Utila’s secure and user-friendly institutional crypto operations platform, empowering institutions to manage their digital assets with unparalleled security and peace of mind.

Enhanced Security and Streamlined Recovery

By combining Utila’s advanced MPC technology with Circuit’s automated keyless recovery solution, clients will benefit from unparalleled security and operational continuity. Circuit's solution stands apart by eliminating the need to use or reconstruct any part of the private key during the recovery process. This innovative approach not only preserves but enhances the core security guarantees of MPC. With Circuit, no key materials are required for recovery, allowing businesses to automate asset recovery and maintain uptime, even in high-risk situations.

This partnership enhances Utila’s ability to maintain the security and trust assumptions of MPC technology while streamlining the recovery process. Unlike traditional recovery services, which involve private key exposure and introduce significant risks, Circuit's automated solution enables immediate recoveries without compromising security. Businesses can avoid the disruptions and delays of manual recovery, ensuring resilience and reliability in even the most critical scenarios.

Key Benefits for Institutional Clients:

• Seamless Business Continuity: Circuit’s automated, keyless recovery system ensures continuous access to assets during disasters, reducing potential downtime from days to minutes. 
• Trustless, Keyless Architecture: Circuit’s recovery solution is built on a trustless, keyless architecture, ensuring that no key materials are ever exposed online or to third parties. This eliminates single points of failure and preserves the security assumptions of MPC technology. 
• Robust Risk Mitigation: With Circuit’s trustless recovery solution, Utila clients mitigate counterparty risks. Circuit ensures assets remain secure and accessible in the unlikely event the Utila platform fails.  
• Rapid and Simple Setup: Circuit seamlessly integrates with Utila’s infrastructure, allowing institutions to establish recovery pathways with external wallets in case their Utila wallet is compromised. This eliminates the need for complex contingency plans or manual recovery processes, providing a swift and efficient solution for maintaining uptime.
• Streamlined Regulatory Compliance: Circuit’s solution helps clients meet regulatory requirements around disaster planning and recovery time objectives—such as those detailed in MICA and DORA regulations. 

Harry Donnelly, Founder & CEO of Circuit, states:

“We’re proud to partner with Utila to deliver our immediate, keyless recovery solution to their clients. By partnering with Circuit, Utila clients can now add additional strength and integrity to their MPC wallets by removing the need for private keys altogether in the recovery process. With Circuit, Utila clients can automate recovery and swiftly restore access to assets during a disaster or loss of key material, ensuring continuous uptime—an essential capability in a 24/7 market.”

Bentzi Rabi, Co-founder & CEO of Utila, says: 

"At Utila, we're committed to empowering institutions with the most robust security solutions available, all while maintaining a user-friendly experience. That's why we've integrated industry-leading backup and recovery solutions after a rigorous vetting process, including Circuit's innovative keyless recovery technology. Circuit's solution aligns well with Utila's focus on simplicity and security. This combined offering provides institutions with an unparalleled level of protection and a robust plan in place for any unforeseen circumstances.”

About Utila

Utila is an enterprise-grade crypto operations platform and an institutional MPC wallet provider. Utila enables organizations of all sizes to securely manage digital assets across multiple blockchains, wallets, and users on a single platform, without any complexity. 

We simplify digital asset management and crypto operations for institutions without compromising on security or usability. We offer a secure, non-custodial, chain-agnostic, enterprise wallet platform powered by MPC key management and a robust policy engine. Trusted by industry leaders, Utila has secured over $10 Billion in transactions since launch and is growing rapidly.

To learn more, visit https://utila.io/

About Circuit 

Circuit is a blockchain cybersecurity platform focused on safeguarding digital assets through automated disaster recovery and business continuity solutions. Circuit’s trustless operations eliminate the need for manual intervention, providing rapid protection and seamless recovery for digital assets.

Circuit provides immediate keyless recovery solutions for digital assets. Its platform empowers businesses to recover their crypto assets without managing private keys, eliminating the need for trusted third parties and significantly reducing security risks.

To learn more, visit https://www.circuitsecurity.com/