Cryptocurrency storage technology firm Qredo has released a new version of its self-custody wallet platform, aimed at providing a low-cost, open-source option for institutional cryptocurrency traders. The new platform allows traders to maintain complete control over their digital assets, avoiding the potential risks associated with centralized storage solutions.
The new platform, dubbed "New Qredo," uses multi-party computation (MPC) technology, an advanced key sharding technique. This provides enhanced control over team permissions and approval processes. The release of New Qredo comes in response to last year's issues involving FTX and other centralized crypto platforms, which highlighted the need for more secure and accessible custody solutions.
Qredo Chief Operating Officer Josh Goodbody says the revamped platform fills a gap in the market for an open-source, on-chain custody system that is both secure and affordable. Unlike competitors who gatekeep their product and charge high service fees, Qredo aims to make its platform open and available to all.
Qredo has been creating custody and wallet products for over four years and has more than 85,000 global users, 350 of which are institutional and corporate clients. The firm sees an average of over $4 billion of monthly asset movements in and out of wallets.
