Nemean Enhances Crypto Custody Security with Copper Partnership

12th June, 2024

Partnership Announcement: Nemean x Copper

Nemean Services, a subsidiary of the MITMARK Group, is proud to announce a strengthened partnership with Copper, a leading digital asset custodian. This collaboration leverages Nemean's expertise in digital asset recovery and data safeguarding to enhance the security and reliability of Copper’s cryptocurrency custody services.

The Evolution of Trust: From MITMARK to Nemean

Established in 2015, the MITMARK Group operates across four domains: Health, Intelligence, Safety, and Security (HISS). As a trusted partner of Copper, MITMARK has provided critical services such as static security, surveillance systems, and cryptocurrency recovery through its Security and Intelligence departments.

Copper, initially a small firm offering Trusted Third Party (TTP) services, experienced rapid growth in demand. MITMARK acted as Copper's TTP for nine months before the necessity for ISO 27001 and SOC 2 accreditations led to the founding of Nemean Services in August 2021. Nemean quickly obtained these certifications, implementing a dedicated CRM system and specialising in data safeguarding and digital asset recovery services. Using a military-grade protocol, Nemean separates passwords from private keys both physically and digitally, adhering to stringent financial sector standards.

The Role of TTP and Sharding in Crypto Security

Many cryptocurrency custodians, including Copper, use Multi-Party Computation (MPC) to enhance the security of private keys (PvK). To further increase security, a Trusted Third Party (TTP) is employed. In the event of a client’s loss, disaster, collision, or operational error, no transactions occur until the PvK's integrity is restored. Sharding, a process that splits a PvK into three parts distributed among the client, custodian, and TTP, is integral to this security model.

Copper's Copper Unlimited Application facilitates sharding, requiring two of the three shards to conduct any transaction (Majority of Numbers or “MofN”). Nemean securely holds these shards without participating in transactions, ensuring the highest level of security and trust.

Why Use Nemean Services as a TTP?

Nemean Services offers several advantages as a Trusted Third Party:

  • Specialisation in Digital Safeguarding and Asset Recovery: Nemean’s expertise ensures that digital assets are protected against a wide range of threats.
  • Trusted Partner of Copper: Serving up to 70% of Copper’s clients, Nemean is a reliable and experienced partner in the crypto custody space.
  • Mirror Military Protocol: Nemean employs security protocols that reflect military standards, providing unparalleled protection.
  • Air-Gapped Cold Storage: Private keys are stored in environments without internet access or personal electronic devices, eliminating the risk of online attacks.
  • Extensive Coverage: Nemean offers coverage up to $500M in case of collisions and insurance of up to $5M for operational errors.
  • Competitive Pricing Model: Clients benefit from top-tier security solutions at competitive prices.

About Nemean

Nemean is a digital asset security and recovery specialist, providing services that meet the highest standards of the financial sector. With ISO 27001 and SOC 2 accreditation, Nemean ensures client confidence through rigorous protocols and insurance coverage.

About Copper

Copper is a leading digital asset custodian that uses cutting-edge technology to secure and manage digital assets. Copper’s Copper Unlimited Application utilises MPC and sharding to ensure the highest levels of security and operational efficiency. 

By partnering with Copper, Nemean continues to set new standards in digital asset security, ensuring that institutional clients can manage their assets with the utmost confidence and protection. This partnership highlights our commitment to excellence and innovation in the rapidly evolving world of cryptocurrency.