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Qredo, a London-based DeFi infrastructure company, announced that it has raised $80M (approx €70M) in a Series A round of funding led by 10T Holdings, the crypto investment firm. 

The latest funding includes $60M (approx €52.5M) of primary capital and $20M (approx €17.5M) from secondary investors. The round brings Qredo’s valuation to $460M (approx €402M).

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The round includes a diverse group of strategic investors such as Coinbase Ventures, Avalanche, Terra, Kingsway Capital, HOF Capital, Raptor Group, and GoldenTree Asset Management. 

Fund utilsation

Qredo says it will use the funds to fuel its growth, which includes future acquisitions, further development of retail investment offerings and geographic expansion. 

“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,” says Anthony Foy, CEO of Qredo. 

“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 decentralised custody,” he adds.

The company has raised $120M (approx €105M) in the last 12 months, including a Seed round in May, 2021, and a Token Private Sale in June, 2021.

Qredo: What you need to know

Founded in 2018, Qredo offers a layer 2 protocol that enables instant cross-chain swaps and settlement on supported blockchains, at a lower cost than Layer 1 transactions.

The company uses decentralised Multi-Party Computation (MPC), a cryptographic tool that allows multiple parties to make calculations using their combined data, without revealing their individual input.

Qredo says it removes vendor risk and the single points of failure associated with ‘centralised custody solutions and traditional private key management.’ 

Previous developments

Last week, Qredo partnered with Clearpool, a decentralised capital markets ecosystem for institutional borrowers, to enable institutions to securely access digital assets and DeFi. 

In November, 2021, the company announced the launch of its new innovation unit, Qredo Labs, to focus on exploring new blockchain technologies and their application to Qredo’s growing network for digital assets.

Part of the lab’s mission will be to deliver Version 2 of the Qredo Network and additional new functionality that will help Virtual Asset Service Providers (VASPs) to meet their regulatory obligations.

Investor

Based out of Connecticut, USA, 10T Holdings is a growth equity fund that invests in private companies operating in the digital asset ecosystem.

“Infrastructure is a key battleground for scaling crypto adoption,” said Dan Tapiero, Founder and CEO of 10T Holdings. “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.”