Digital asset custody solutions provider Qredo has forged a new partnership with DitoBanx, a neobank for the unbanked in Latin America. DitoBanx customers now access storage for digital assets using Qredo’s decentralised multi-party computation (dMPC) protocol.
Integrating the Qredo digital asset custody solution into the DitoBanx ecosystem enables customers to securely manage their financial assets within the neobank’s products.
Qredo’s dMPC protocol is fully compliant; offering cryptocurrency security and governance solutions. When a DitoBanx customer signs a transaction, the protocol distributes all computational processes across the network.
This process looks to ensure that, individuals sign transactions, Qredo does not hold private keys in any one geographic location. Qredo aims to eliminate the risk of third parties hacking or accessing private keys. Through these processes, the firm also aims to support the security of Latin America’s unbanked.
Anthony Foy, CEO of Qredo, also commented on the partnership. He said: “We are thrilled to partner with DitoBanx to bring institutional-grade digital asset custody solutions to the unbanked in Latin America.
“By leveraging Qredo’s cutting-edge dMPC technology, DitoBanx can now offer its customers secure and regulated digital asset services, enabling them to participate in the growing digital economy.”
Solutions for the unbanked in Latin America
Guillermo Contreras, CEO of DitoBanx, explained the potential importance of Qredo services for the unbanked. Contreras said: “The partnership with Qredo is an exciting step for DitoBanx as we strive to bring financial services to the unbanked in Latin America.
“The ability to offer institutional-grade digital asset custody services will be a game-changer for our customers, enabling them to securely store, as well as manage their digital assets in a regulated environment.”
Since its inception in El Salvador, DitoBanx has launched a wide range of digital asset solutions across Latin America. Its products include Bitcoin-backed loans, digital asset wallets as well as enterprise payment processing solutions. The neobank aims to bring greater levels of financial inclusion to unbanked and underbanked individuals in the region.