Self-custody of digital assets is becoming increasingly important following several catastrophes involving centralized exchanges. For any user, having absolute control over their own funds is absolutely critical. Seeing this opportunity, startups have been working on open-source solutions that are not as expensive as the competitors, and crypto storage technology firm Qredo has been leading the charge in this area by revamping its self-custody wallet platform.
Qredo: A Leading Custody Wallet Provider with Growing User Base
With 85,000 users worldwide, including 350 institutional and corporate clients, in the custody wallet business for four years. Qredo COO Josh Goodbody stated that the shift towards self-custody became more pronounced after the collapse of FTX. Throughout the year, Qredo witnessed the movement of $30 billion worth of crypto assets into its wallets.
The new version of Qredo is called New Qredo, and it uses key-sharding technology called multi-party computation (MPC). It also has improved control over team permissions and approval processes. Goodbody emphasized the need to make the custody system open-source, on-chain, and affordable for widespread accessibility.
Casa Simplifies Self-Custody with Secure Cold-Storage Setup
The challenge lies in users perceiving self-custody as complex and being intimidated by security practices. Casa, a Bitcoin wallet provider, ensures secure cold-storage setup. Customers must follow specific steps for fund recovery. Casa also recently added Ethereum support as it responded to the growing demand from users for self-custody solutions. Casa is integrating top security practices into its product to simplify self-custody, says co-founder Jameson Lopp.
Startups provide users with control over assets, hoping for a decentralized future of digital assets. It is the only way users can have complete financial freedom and avoid the risks associated with centralized services. Qredo leads in open-source crypto security with its self-custody wallet platform, hoping for a positive response.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.