Qredo, a London UK-based developer of a decentralized Layer 2 infrastructure for the custody and settlement of digital assets, raised $80M in Series A funding.
The round was led by 10T Holdings, with participation from Coinbase Ventures, Avalanche, Terra, Kingsway Capital, HOF Capital, Raptor Group and GoldenTree Asset Management.
The Series A raise brings Qredo’s valuation to $460 million USD.
The company intends to use the funds for future acquisitions, further development of functionality for retail users, and facilitating geographic expansion.
Led by Anthony Foy, CEO, Qredo is a digital asset management infrastructure and product suite designed to enable institutional investors to secure, settle, and access digital liquidity pools and participate in new innovations across DeFi. In October 2021, the integration with MetaMask Institutional began enabling users to securely participate in new DeFi innovations such as accessing ‘cross-chain’ liquidity pools and trading collateralized derivatives across multiple chains. A few weeks later, the company was chosen to bring forth the next generation of Bitcoin and blockchain-related applications in El Salvador.
Qredo’s Layer 2 protocol enables instant cross-chain swaps and settlement on supported blockchains. 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.
Its advanced Gen 2.0 Multi-Party Computation (MPC) provides tier-1 bank security.