Crypto Custody Platform Zenrock Launches Innovative Decentralized Custody Solution to Improve DeFi Security

Cryptocurrency custody platform Zenrock (formerly Qredo) has launched an innovative decentralized custody solution designed to ease user concerns about DeFi security and accelerate industry development. Dan Tapiero, chairman of Zenrock, said that even active users in the crypto space are nervous about using DeFi, causing many investors to still prefer centralized exchanges and ETFs. To address the centralization risks of the existing custody model, Zenrock uses decentralized multi-party computing (MPC) wallet technology to eliminate single-point failure weaknesses by splitting and distributing private keys among multiple parties. The company has also designed a hybrid security model that combines its own tokens and EigenLayer to protect the protocol. CEO Randy Little said this model "gives purpose to re-staking Ethereum." Zenrock plans to adopt a trading model and provide the technology to developers, institutions and individual investors. The platform is currently in the testnet stage and is expected to be officially launched this year. Zenrock has launched the decentralized wrapped Bitcoin token zenBTC on August 19, further expanding its product line. The project is supported by 10T Holdings, 1RoundTable Partners, Spartan Group and Maven 11. Tapiero emphasized that Zenrock is the first project to apply traditional private equity practices to the digital asset field, and it is expected that more traditional financial institutions will follow this model in the future. (Coindesk)