Cubist, a security-focused provider of Web3 developer tools, has launched a hardware-backed non-custodial key management platform to help developer teams secure and manage their secret keys programmatically and prevent hackers from executing malicious withdrawals.

The product facilitates the secure storage of secret keys for blockchains, staking-as-a-service providers, and validators by utilizing secure hardware and short-lived revocable privileges to sign transactions and validation messages programmatically. Users also have the option to specify access control rules and custom key usage policies, which enhances the protection of private keys. 

Analyst QuickTake: The new offering by Cubist is a positive development to curb the exploitation and hacking of Decentralized Finance (DeFi) protocols. DeFi is one of the more established use cases of Web3 technologies. According to Chainalysis, October of last year was one of the worst months with DeFi protocols suffering losses of USD 718 million. Meanwhile, the most recent hack occurred last week, when Hundred Finance lost USD 7 million .