Qredo raised $ 11 million to deploy the crypto custody industry

If someone steals your private key or decrypts your cryptocurrency exchange password, your ownership takes a toast. Anthony Foy, CEO of London-based Qredo, said this widespread threat discourages institutional investors from investing large sums in cryptocurrencies. "Existing protection models are fundamentally disrupted. Organizations must choose between retail portfolio solutions, vulnerable central databases or cold storage devices, often shared by multiple employees. These solutions are not fit for their purpose," Foy told Decrypt. To do this, Celsius raised $ 11 million in a fundraising round from supporters such as Wintermute, Deribit and a group of blockchain capital funds. More than half of the investment comes from companies that will use the technology, Qredo said. It offers a decentralized version of MPC, the technology that companies like Fireblocks offer to help institutional investors navigate large crypto transactions. MPC stands for Multipartite Computing. This is because they don't have to worry about exchanging passwords, because MPC takes care of it all for itself. Think of it as crypto's LastPass. With MPC, decentralized and secured investors can trade cryptocurrencies between different exchanges without having to constantly log in or work through the complex crypto backend system. They can quickly complete more complex transactions by enabling them to react to changes in the market. "These pioneers investing in digital assets are constantly stuck with the need to protect their private keys, which prevents them from acting agile as individuals and seeking lucrative revenue opportunities at DeFi," Foy said. Fire blocks, whose transfers have already exceeded $ 30 billion with this technology. But Foy says Qredo

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