Blockstream Launches Thales-Backed Enterprise Custody Solution
Blockstream announced an institutional custody offering on Nov. 13, 2026 that runs MPC signing inside Thales hardware security modules. The release names no customers, pricing, general-availability date, supported assets or specific Thales HSM model, and as reviewed it does not disclose any certifications.
Blockstream announced on Nov. 13, 2026 the launch of an enterprise custody solution for digital assets, alongside an expanded collaboration with Thales. The offering integrates Thales' hardware-backed security into the Blockstream Enterprise platform. Its central claim is that the signing protocol runs entirely inside a hardware security module (HSM), a vendor assertion that has not been independently tested.
What was announced
According to Blockstream's press release, the solution is delivered through Blockstream Enterprise. The company describes that platform as its institutional offering for deploying, managing and scaling bitcoin-based financial infrastructure. The release says the product provides hardware-backed key protection and distributed transaction signing, with integration into existing financial systems.
The release describes the product as a custody solution for digital assets. It does not present it as bitcoin-only, although some coverage uses a "Bitcoin custody system" label.
How it works
Blockstream calls its approach Secure Multi-Party Computation (Secure-MPC). It combines the distributed protection of MPC with the hardware-level security of Thales HSMs. The release says conventional MPC solutions may expose sensitive cryptographic operations to general-purpose computing environments. Blockstream says its version instead executes the signing protocol entirely within the HSM's secure environment.
The solution also incorporates FROST (Flexible Round-Optimized Schnorr Threshold Signatures). Blockstream describes it as a threshold signing protocol that lets multiple authorized parties jointly produce a signature without reconstructing the underlying private key.
Who is involved
Michael Minkevich, Blockstream's President and COO, said the work builds on a two-year relationship with Thales. The release quotes him: "Financial institutions require secure, reliable infrastructure as they integrate bitcoin into their existing operations."
Jeff Boortz, Chief Product Officer, said Blockstream has invested heavily in advanced cryptography, including FROST. He said moving MPC execution inside the HSM addresses critical security risks while preserving practical and popular signing capabilities.
Blockstream says it was founded in 2014. It lists custody, settlement, payments, asset issuance and self-custody among its services. Its products include the Liquid Network, Elements Enterprise, Simplicity, Core Lightning, Blockstream Jade and the Blockstream App.
What the release does not disclose
The release names no customers and gives no pricing, general-availability date, supported assets or specific Thales HSM model. The release as reviewed does not disclose any certifications. The security claim therefore rests on Blockstream's own description.
Context and caveats
Bitcoinist reported the launch on Nov. 15 and linked it to a reported Binance theft and a reported September drain of Blockstream's Liquid Network. Both claims are attributed only to Bitcoinist. Blockstream's release does not mention those incidents, and Blockchain Academics Research could not verify them. Any causal link to the launch is Bitcoinist's framing.
Bitcoin traded at about $65,276 on Nov. 15 at 14:03 UTC, with a market cap of about $1.31 trillion, according to DefiLlama data via CoinGecko. The release does not discuss market conditions.