Insights

According to Odaily, cryptocurrency custody platform Zenrock, formerly known as Qredo, has launched an innovative decentralized custody solution aimed at addressing user concerns about DeFi security and accelerating industry growth. Zenrock Chairman Dan Tapiero noted that even active users in the crypto space feel uneasy about using DeFi, leading many investors to prefer centralized exchanges and ETFs. To mitigate the risks associated with centralized custody models, Zenrock employs decentralized multi-party computation (MPC) wallet technology, which eliminates single points of failure by splitting and distributing private keys among multiple parties. The company has also developed a hybrid security model that combines its native token with EigenLayer to protect the protocol. CEO Randy Little stated that this model 'gives re-staked Ethereum a purpose.' Zenrock plans to adopt a transaction-based model and offer its technology to developers, institutions, and individual investors. The platform is currently in the testnet phase and is expected to officially launch within the year. On August 19, Zenrock introduced a decentralized wrapped Bitcoin token, zenBTC, 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 space, and he anticipates that more traditional financial institutions will follow this model in the future.