The developers of blockchain company Qredo have improved their cryptocurrency wallet platform. They have released a new, simpler and more cost-effective open-source product for institutional traders. The protocol is designed for those who want to avoid transferring their digital assets to third parties.
New Qredo uses a sophisticated key-sharing technology called multi-party computation (MPC). This provides additional control over who is authorised to give orders and over the authorisation process.
The company's experts said full autonomy of digital assets is becoming more and more necessary after the failure of FTX and many other centralised exchanges last year. According to Qredo chief executive Josh Goodbody, there are many voids in the field. He said their New Qredo platform offers institutional-level storage and wallet management to all users. We've made it open to everyone.
"The big players in this sector, such as Copper, Fireblocks and the like, hold cryptocurrencies for their customers and impose expensive fees. This means that only large organisations can access their services," said Josh Goodbody.
Qredo has been developing products for over 4 years and has a user base of 85,000, covering 350 corporate and institutional customers. On average, the platform conducts $4 billion worth of transactions each month.
