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

According to Coindesk's report on August 21, Zenrock (formerly Qredo), a cryptocurrency custody platform, has launched an innovative decentralized custody solution to alleviate users' concerns about the security of DeFi and accelerate industry development. Zenrock Chairman Dan Tapiero stated that even active users in the cryptocurrency field feel nervous about using DeFi, resulting in many investors still preferring to use centralized exchanges and ETFs. To solve the centralization risks of the existing custody model, Zenrock adopts decentralized multi-party computation (MPC) wallet technology to eliminate single-point failures 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 that this model "gives a purpose to re-pledged 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 phase and is expected to be officially launched within the year. Zenrock has also 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 more traditional financial institutions are expected to follow this model in the future.