ChainCatcher news: According to Coindesk, the cryptocurrency custody platform Zenrock (formerly Qredo) has launched an innovative decentralized custody solution to alleviate users' concerns about DeFi security and accelerate industry development. 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 Zenrock 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.
It is reported that 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 field of digital assets, and it is expected that more traditional financial institutions will follow this model in the future.