Published Mar 10, 2022
By Qredo Team
Case Study: How Spartan Conquered DeFi
"Through the workflow enabled by Qredo's MPC-secured governance, we can be nimble enough to quickly access trading and yield-earning opportunities across different EVM-compatible chains, without sacrificing security or compromising on governance."
Kelvin Koh, Co-founder and Managing Partner, Spartan Group
Spartan Group is a leading digital asset venture capital, hedge fund and investment banking advisory firm based in Singapore and Hong Kong. The Spartan team has over 20 years of experience in investment research and capital management across the digital asset ecosystem and traditional finance.
In June 2021, Spartan launched the $110 million Spartan DeFi fund, which takes a blockchain-agnostic approach to backing projects across Ethereum, Solana, and other networks.
Making this broader push into the multichain universe presented multiple challenges: Web-based browser wallets didn't give Spartan transaction approval workflows, and left the fund exposed to potential security issues such as malware and phishing attacks. At the same time, switching between multiple wallets and browser extensions to access different EVM chains was cumbersome.
Spartan was one of the first pioneering funds to participate in the MMI-Qredo beta integration. The fund implemented a custom M of N governance scheme to divide signing responsibilities between team members.
This new governance scheme protects the fund against erroneous transactions, rogue employees, and unforeseen events such as accidental loss. Private keys are secured by Qredo’s decentralized MPC, guarding against the vulnerabilities of browser extensions.
Using this single integrated wallet, Spartan is now easily able to trade tokens – including NFTs —` and access DeFi yields across all Ethereum-compatible chains, from one intuitive interface.
Better yet, fund returns are enhanced through zero fee custody and trading.
Spartan can now easily and cost-effectively access opportunities to grow AUM by deploying assets across even the smallest EVM chains, without any loss of security or convenience.