Crypto Storage Firm Qredo’s Revamped Self-Custody Wallet Goes Live
Josh Goodbody, COO of New Qredo, said that the New Qredo is still aimed at institutional crypto markets, but it is now low-cost and available to everyone.
The crypto storage firm Qredo redesigned its self-custody platform to offer a low-cost, open source solution for institutional traders who don’t want to take the risk of allowing their digital assets to remain in centralized environments.
In a press statement, the company stated that New Qredo uses the same clever key sharding technology called Multi-Party Computation (MPC) with better control over team permissions.
The failure of centralized crypto platforms and the collapse of FTX last year has made it more important than ever to have complete control of digital assets. According to Qredo’s chief operating officer Josh Goodbody, this leaves a market gap for a custody solution that is open-source, in-chain, and does not cost a fortune.
Goodbody told CoinDesk that the New Qredo was a new platform for institutional-grade wallet and custody management. “We’ve made it available to everyone,” Goodbody explained in an interview. “The major players in the space, such as Copper, Fireblocks, and others charge very high fees for their products and gate-keep them. This means that only large companies can use them.”
Goodbody stated that Qredo has built custody and wallet products for four years,with more than 85,000 users worldwide, 350 of whom are institutional and corporate customers. The company sees an average monthly movement of assets of $4 billion.
Goodbody stated that “we saw a spike of just under $6 billion per monthly following the collapse FTX when everyone flooded into self custody.” “Over the last year, we secured just under $30 billion in crypto assets due to the flight towards self-custody.”
Parikshit Miishra is the editor.