Qredo has raised £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.
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.
“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,” said Anthony Foy, CEO.
“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.”
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.
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.
“Infrastructure is a key battleground for scaling crypto adoption,” said 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.”