TOPPAN and BitGo Test 3-Key Distributed Management, Target 2028 Service Launch

Key Facts

TOPPAN said a proof-of-concept test it conducted with BitGo between August and October 2026 showed that digital asset keys could be managed and transferred through a system distributed among 3 parties. The model included the client, TOPPAN and BitGo, in an arrangement that distributes signing authority and private-key management. The company said the trial confirmed that assets could be transferred securely even when one key was unavailable, supporting business continuity. The project aims to develop a digital asset management infrastructure for regional banks, municipalities and companies. The two companies plan to continue developing operating procedures and are targeting a service launch in 2028, subject to completion of contractual, regulatory, technical and commercial requirements.

The signing design distributes authority among the client as the primary signer, BitGo as the counter-signing party, and TOPPAN, which holds a backup key in an advanced environment. According to TOPPAN, the structure does not allow the client to execute a transfer alone, since moving assets requires the participation of more than one party. This distribution is intended to reduce reliance on a single point in asset management while keeping the signing keys distributed among the three parties. The project tested the creation of wallets that support this model, as well as secure key storage and institutional verification procedures. The trial system was also connected to vLEI-Gateway to verify the identities of companies and their representatives and their authorities when using keys or adding addresses to the permitted transfer list.

The test covered governance procedures as well as the technical aspects of the wallets. TOPPAN said routine transfer operations passed multiple approval procedures and company identity verification, and that assets could be transferred and handled without problems after those steps were completed. Verification covered the legal entity, its representative and the representative’s authority, both when using a key and when registering a new destination on the permitted transfer list. This link adds an institutional verification layer to signing authority, so transfer permission does not depend on possession of the key alone. The company said the project is testing a combination of key custody and verification of the parties requesting to use the keys.

The two companies tested a scenario in which one key was unavailable or lost, alongside asset transfers under normal conditions. TOPPAN said using 2 of the 3 keys allows assets to be transferred and protected securely if one key is disconnected or inaccessible. This means the test model does not require all three keys to be available to complete a transfer in the event of a failure, while continuing to require multiple parties to sign. The company linked this capability to business continuity, since losing one key can disrupt access to assets under other arrangements. The trial highlights this scenario as part of the system’s operational assessment, alongside testing routine transfers, approval procedures and verification.

TOPPAN is presenting the project in the context of governance challenges it says face digital asset management, including preventing unauthorized use within institutions and strictly verifying the identities of counterparties. The company believes that rising cyberattacks and weak asset management systems make stronger governance and identity verification an urgent need. It also says that establishing a secure internal environment for key management and institutional verification requires high costs and specialized expertise, which has limited the adoption of these systems outside some large companies. By contrast, concentrating key management at a single point can create system outage risks, including data loss or service disruption in the event of natural disasters. The test addresses these risks by distributing keys and authority, with institutional verification required before they are used or a transfer destination is added.

The proposed service is aimed at regional banks, municipalities and companies facing challenges in private-key management and compliance, according to TOPPAN. Its goal is to provide these organizations with infrastructure for managing and operating digital assets, while the test focused on distributing keys, linking institutional verification and testing transfers when one key was unavailable. The 2028 launch remains a target rather than a confirmed date; the company has tied it to signing final contracts and obtaining approvals from the relevant authorities, as well as technical and commercial readiness. Until then, TOPPAN said the two companies would continue developing operating procedures. In trading, BitGo shares closed at $4.09 on November 12, 2026, according to EL7 data.