Qredo Announces an $80mm Series A Raise Led by 10T Holdings
Qredo, the decentralized Layer 2 infrastructure for the custody and settlement of digital assets, today announced the close of one of the largest Series A rounds completed to date in crypto and blockchain-related markets.
Qredo’s $80 million USD Series A raise was led by 10T Holdings, the crypto investment firm managed by investors Dan Tapiero, Stan Miroshnik and Michael Dubilier. The round includes a diverse group of strategic investors Coinbase Ventures, Avalanche and Terra, and top tier financial investors Kingsway Capital, HOF Capital, Raptor Group and GoldenTree Asset Management. The Series A raise brings Qredo’s valuation to $460 million USD.
“The fact we’ve won support from some of the biggest and smartest investors in crypto is a clear validation of Qredo’s long-term focus and mission. The Qredo solution provides institutions with a secure, cost-efficient, and compliant way to engage fully with digital assets and DeFi. We’re now in an excellent position to seize opportunities, take market share, and demonstrate the powerful value of decentralized custody.”— Anthony Foy, Qredo CEO
Qredo’s Layer 2 protocol enables instant cross-chain swaps and settlement on supported blockchains — with none of the frictional costs associated with Layer 1 transactions. Its decentralized multi-party computation (MPC) removes the vendor risk and the single points of failure associated with centralized custody solutions and traditional private key management.
Qredo has raised $120mm in the last 12 months. As with its seed round in May 2021 and Token Private Sale in June 2021, Qredo has attracted both financial and strategic investors. The strategic investors will also be building solutions on Qredo for their customers, bringing the next wave of user growth to the network.
“Infrastructure is a key battleground for scaling crypto adoption. Qredo’s distributed architecture and unique implementation of MPC is a game-changer for the secure custody and settlement of crypto assets. Qredo is a project that has the drive, resources, and technological edge to support the complex and evolving needs of its users — now and into the future.” — Dan Tapiero, Founder and CEO of lead investor 10T Holdings
Qredo’s Series A includes $60mm of primary capital and $20mm from secondary investors. The funds raised will be used to fuel the next steps of Qredo’s growth. This includes future acquisitions, further development of Qredo functionality for retail users, and facilitating Qredo’s geographic expansion.
ABOUT Qredo Network
Qredo is a digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors in cryptocurrencies and decentralized finance. Qredo includes a novel Layer 2 blockchain protocol that enables users to seamlessly transfer and settle Bitcoin, Ethereum and other leading cryptocurrencies. Qredo’s advanced Gen 2.0 Multi-Party Computation (MPC) provides tier-1 bank security and eliminates the anxiety of private key management. Qredo’s network is designed to enable institutional investors to secure, settle, and access digital liquidity pools and participate in new innovations across DeFi.
RESOURCES
Qredo Blog
