Qredo Overview
Despite a challenging 2022, signs of institutional digital asset adoption – here, here, and here – are still aplenty. However, a major barrier that continues to prevent these large capital pools from coming onchain is still the risk and complexity associated with most forms of digital asset custody. Whether it’s the single point of failure risk of self-custodying private keys or the reintroduced counterparty risk and illiquidity that comes with entrusting third parties, most existing solutions have glaring flaws. Qredo is a digital asset custody protocol that sidesteps these issues by leveraging a cryptographic technique called distributed multi-party computation (dMPC). This approach distributes private key shards across a blockchain network and allows only the private key owner(s) to authorize their reassembly for the signing of transactions, thereby greatly mitigating the chance of private key loss or theft and all but eliminating counterparty risk. On top of this core security offering, Qredo has developed a suite of complementary products and services including “vaults” to store, manage and trade digital assets directly from self-custody, as well as integrations with premiere Web3 wallets like MetaMask Institutional and WalletConnect. Qredo’s complex, multifaceted middleware is worth understanding because it plays an increasingly important role behind the scenes. It has been embedded into core workflows and operations by over 350 of the industry’s leading funds, custodians, and market makers. And now, thanks to a sweeping product upgrade, Qredo is well-positioned to become essential to the entire crypto community – from institutional investors to developers and builders, to crypto-native market participants. Background Qredo Ltd. was co-founded in late-2018 by Anthony Foy, a seasoned business executive and entrepreneur with more than 20 years of experience in cybersecurity and scaling up digital businesses. Qredo shipped out the Qredo v1.0 Testnet at the end of 2019 and the Qredo v1.0 Mainnet about a year later, in September 2020. Since Mainnet, Qredo has continued shipping throughout market cycles, building an impressive suite of products and features to facilitate the securing and deployment of, as well as building with, digital assets in the realm of DeFi.
For the full 20+ page report, click here.
Despite a challenging 2022, signs of institutional digital asset adoption – here, here, and here – are still aplenty. However, a major barrier that continues to prevent these large capital pools from coming onchain is still the risk and complexity associated with most forms of digital asset custody. Whether it’s the single point of failure risk of self-custodying private keys or the reintroduced counterparty risk and illiquidity that comes with entrusting third parties, most existing solutions have glaring flaws. Qredo is a digital asset custody protocol that sidesteps these issues by leveraging a cryptographic technique called distributed multi-party computation (dMPC). This approach distributes private key shards across a blockchain network and allows only the private key owner(s) to authorize their reassembly for the signing of transactions, thereby greatly mitigating the chance of private key loss or theft and all but eliminating counterparty risk. On top of this core security offering, Qredo has developed a suite of complementary products and services including “vaults” to store, manage and trade digital assets directly from self-custody, as well as integrations with premiere Web3 wallets like MetaMask Institutional and WalletConnect. Qredo’s complex, multifaceted middleware is worth understanding because it plays an increasingly important role behind the scenes. It has been embedded into core workflows and operations by over 350 of the industry’s leading funds, custodians, and market makers. And now, thanks to a sweeping product upgrade, Qredo is well-positioned to become essential to the entire crypto community – from institutional investors to developers and builders, to crypto-native market participants. Background Qredo Ltd. was co-founded in late-2018 by Anthony Foy, a seasoned business executive and entrepreneur with more than 20 years of experience in cybersecurity and scaling up digital businesses. Qredo shipped out the Qredo v1.0 Testnet at the end of 2019 and the Qredo v1.0 Mainnet about a year later, in September 2020. Since Mainnet, Qredo has continued shipping throughout market cycles, building an impressive suite of products and features to facilitate the securing and deployment of, as well as building with, digital assets in the realm of DeFi.
For the full 20+ page report, click here.