TechFlow News, August 21 — According to Coindesk, Zenrock, a cryptocurrency custody platform formerly known as Qredo, has launched an innovative decentralized custody solution aimed at alleviating user concerns over DeFi security and accelerating industry growth. Dan Tapiero, Chairman of Zenrock, stated that even active participants in the crypto space remain uneasy about using DeFi, causing many investors to prefer centralized exchanges and ETFs.
To address the centralization risks inherent in existing 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 designed a hybrid security model combining its native token with EigenLayer to secure the protocol. CEO Randy Little said this approach "gives purpose to restaked Ethereum."
Zenrock plans to adopt a transaction-based model and will offer its technology to developers, institutions, and individual investors. The platform is currently in the testnet phase and is expected to launch officially within the year. On August 19, Zenrock introduced zenBTC, a decentralized wrapped Bitcoin token, further expanding its product suite.
The project is backed 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 sector, predicting that more traditional financial institutions will follow this model in the future.
