Road Town, BVI, 4th May 2022 — Qredo has reached another milestone in the ongoing bitcoinization of El Salvador, becoming a registered bitcoin services provider as defined by the Banco Central de Reserva de El Salvador (BCR).
Qredo is the first and only decentralized custody tech provider operating in El Salvador. The designation of officially recognized bitcoin service providers was laid out in the Bitcoin law of September 2021, which gave bitcoin the status of legal tender across the country.
Service provider status is an important step in the wider adoption of Qredo infrastructure by the Salvadorian banking network and other local cryptoasset initiatives.
It requires adherence to the highest standards of anti-money laundering (AML), compliance with local legislation and international practices, and risk management practices — including cybersecurity and physical security programs to prevent loss, theft, or deterioration of client assets.
The central bank authorization means Qredo is now registered to provide Bitcoin custody, the exchange of digital assets, wallet, and payment services. This will enable Qredo infrastructure to be used by a range of financial institutions, investment funds, family offices, liquidity providers, and exchanges in El Salvador.
“We’re delighted to be authorized by El Salvador’s central bank as an official cryptoasset service provider,” said Anthony Foy, Qredo CEO. “This builds on our earlier successes in El Salvador, including our sponsorship of the region’s first ever Bitcoin Bankathon. The BCR’s decision opens the door to further opportunity for Qredo in El Salvador, and increases our footprint in Latin America — a region we believe has enormous potential for digital assets.”
Qredo is a decentralized digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors in digital assets and decentralized finance.
Qredo's Layer 2 blockchain protocol enables users to seamlessly transfer and settle bitcoin, Ethereum, and ERC-20 tokens. Assets are secured by Qredo’s Gen 2.0 decentralized Multi-Party Computation (dMPC), which provides tier-1 bank security and institutional-grade governance.
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