**Crypto Giants Join Forces for Digital Asset Security**

Cardano’s Input Output (IOHK) and Hedera have teamed up with Algorand Foundation, Hashgraph, Ripple, and XRPL Labs to form the Decentralized Recovery (DeRec) Alliance. This initiative aims to enhance security and trust in the Web3 space.

**Key Points:**

- Cardano and Hedera will serve on the Technical Oversight Committee for two years.

- The alliance focuses on simplifying crypto recovery and user experience.

- DeRec’s open-source protocol offers a standardized solution for data recovery, including identity credentials and private keys.

**Industry Collaboration:**

- The alliance includes various organizations like DLT Science Foundation and Oasis Protocol Foundation.

- Ripple joined on May 9, contributing to a simplified secrets management system.

The DeRec Alliance is set to improve digital asset security by fostering industry-wide collaboration and establishing unified standards.