Qredo has raised 拢59 million in one of the largest Series A investment rounds into a cryptocurrency or blockchain-related company.
The company, based on Tortola in the British Virgin Islands, is valued at $460 million by the funding led by 10T Holdings, the crypto investment firm managed by investors Dan Tapiero, Stan Miroshnik and Michael Dubilier.聽
The round includes a diverse group of strategic investors Coinbase Ventures, Avalanche and Terra, and Kingsway Capital, HOF Capital, Raptor Group and GoldenTree Asset Management.
Qredo is billed as decentralised Layer 2 infrastructure for the custody and settlement of digital assets.聽
鈥淭he fact we鈥檝e won support from some of the biggest and smartest investors in crypto is a clear validation of Qredo鈥檚 long-term focus and mission,鈥� said Anthony Foy, CEO.聽
鈥淭he Qredo solution provides institutions with a secure, cost-efficient, and compliant way to engage fully with digital assets and DeFi.聽
鈥淲e鈥檙e now in an excellent position to seize opportunities, take market share, and demonstrate the powerful value of decentralised custody.鈥�
Layer 2 protocol
Qredo says its Layer 2 protocol enables instant cross-chain swaps and settlement on supported blockchains – with none of the frictional costs associated with Layer 1 transactions.聽
Its decentralised multi-party computation removes the vendor risk and the single points of failure associated with centralised custody solutions and traditional private key management.聽
鈥淚nfrastructure is a key battleground for scaling crypto adoption,鈥� said Tapiero, founder and CEO of 10T Holdings. 鈥淨redo鈥檚 distributed architecture and unique implementation of MPC is a game-changer for the secure custody and settlement of crypto assets.聽
鈥淨redo 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.鈥�