Digital Asset Management Company Qredo raised $80 million in a Series A round which it claims is one of the largest such rounds ever for the crypto and blockchain-related markets.
Led by crypto investment firm 10T Goldings, the round brings the company’s valuation to $460 million and will fuel future acquisitions, “further development of Qredo functionality for retail users and facilitate geographic expansion of Qredo,” the company said in a statement. Press release Friday (February 4).
“The fact that we have gained the support of some of the biggest and smartest investors in crypto is a clear validation of Qredo’s long-term direction and mission,” said Antoine Foy, CEO of Qredo. “The Qredo solution provides institutions with a secure, cost-effective, and compliant way to fully engage with digital and DeFi assets. We are now in an excellent position to seize opportunities, capture market share and demonstrate the powerful value of decentralized custody.
Qredo’s Layer 2 protocol enables instantaneous cross-chain exchanges and settlements on supported blockchains, but without the friction costs typically associated with Layer 1 transactions. It uses “decentralized multiparty computing (MPC) that removes vendor risk and single points of failure associated with centralized custodial solutions and private key management.”
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The London-based company has raised $120m in the past 12 months, attracting both financial and strategic investors. Qredo says it will also build solutions on top of Qredo for its customers, bringing a new wave of user growth to the network.
“Infrastructure is a key battleground for scaling crypto adoption,” said Dan Tapiero, founder and CEO of lead investor 10T Holdings. “Qredo’s distributed architecture and unique MPC implementation are game changers for secure custody and settlement of crypto assets. Qredo is a project that has the motivation, the resources and the technological advantage to meet the complex and evolving needs of its users, today and in the future. »