Qredo's Revamped Self-Custody Wallet Goes Live

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Crypto storage technology firm Qredo has revamped its self-custody wallet platform, bringing to market a cheap, open source option for institutional crypto traders that no longer want to risk allowing digital assets to be held by others in centralized situations.

Like the earlier version of the protocol, New Qredo uses key sharding tech called multi-party computation (MPC), with improved control over team permissions and approval processes, the company said in a press release.

Having complete control over digital assets is ever more vital in the wake of last year's blows-up of FTX and the bankruptcies of various other centralized crypto platforms. As such, there's a gap in the market for a custody system that's open-source, on-chain and doesn't cost the earth, according to Qredo chief operating officer Josh Goodbody.

"The New Qredo is a brand new institutional-grade custody and wallet management platform, and the radical thing we’ve done is make it open and available to anyone," Goodbody said. "The big players in this space like Copper, Fireblocks and others gate-keep their product and charge a very high service fee that means really only large firms are able to use them."

"We saw a spike to just under $6 billion per month following the collapse of FTX, when everybody flooded to self custody," Goodbody added. "Over the course of last year alone, the flight to self custody saw us secure just under $30 billion of crypto asset movements."

(Source: CoinDesk)