Published May 20, 2021 8:53:34 AM
Across the offices and boardrooms of corporate America, beads of sweat are forming on foreheads of the executives managing digital assets.
Treasury teams are carefully passing keyrings of hardware wallets between them and triple-checking shared spreadsheets. Accountants are agonizing over slow cryptoasset reconciliations and delayed working capital updates, compliance managers are shouldering the burden of manual record keeping of transactions, and finance directors live in fear of hacks and internal collusion.
The source of these problems can be traced to a disjointed infrastructure for digital asset management. Many companies are relying on a hodgepodge of hot and cold wallets, protected by inflexible multisignature governance schemes, and accounted for with insecure spreadsheets. This makes digital asset management challenging, leaving organizations bogged down in day-to-day operations, unable to earn yield on their digital assets through DeFi or move quickly enough to capitalize on market trading opportunities.
The difficulty of managing digital assets at an enterprise level stems from centralized wallet infrastructure that was originally designed to store the private keys of individuals.
Qredo changes all of that.
Using multi-party computation (MPC) coupled with a Layer 2 network, Qredo decentralizes private keys. This revolutionary approach allows asset access permissions to be flexibly distributed between members of an organization - without compromising on security or accessibility.
Businesses managing assets on Qredo can implement bespoke governance; appointing an unlimited number of signers and delegating permissions to fit custom custodial policies.
Organizational substructures, such as geographic entities or hedge fund divisions running particular strategies, can be reflected in wallet subaccounts. Aggregate positions across these structures can be viewed from a single dashboard, and deposits made to a single address for easy whitelisting by counterparties.
Transactions between platforms on the Qredo Network, and across different blockchains, settle instantly with low fees. In addition, treasury teams can monitor balances in real-time and reconcile instantly, allowing better business decisions to be made using real-time data.
All actions made on Qredo Network, including transactions, governance changes and wallet creation, are recorded on the Layer 2 blockchain. This forms an immutable record that can be instantly exported for bookkeeping and compliance purposes.
If necessary, asset managers can comply with the Custody Rule (as per the Investment Advisers act of 1940) by assigning a qualified custodian to manage assets on their behalf on Qredo Network.
Assets secured on Qredo Network are protected by seven lines of defence. This rigorous security paradigm spans software, hardware, and traditional protections. The decentralized MPC process that signs transactions runs on tamper proof hardware, which is distributed in nodes all around the world. All code is expertly peer-reviewed and audited, and users of the network can take out custom insurance policies.
By taking custody of digital assets on a decentralized network, Qredo liberates organizations from spreadsheets and disjointed custodial infrastructure, delivering the flexible governance and efficiency to meet enterprise needs with ease.
To try this completely new way of storing and trading digital assets, open a Qredo Wallet for your organization today.