Qredo raises $80m led by 10T Holdings, Coinbase and Avalanche

Anthony Foy, Chief Executive Officer of Qredo

Qredo, the decentralized Layer 2 infrastructure for the custody and settlement of digital assets closed one of the largest Series A funding rounds in crypto and blockchain-related markets.

Qredo’s $80 million USD Series A raise was led by 10T Holdings, the crypto investment firm managed by investors Dan Tapiero, Stan Miroshnik and Michael Dubilier.

The round includes Coinbase Ventures, Avalanche and Terra, and top tier financial investors Kingsway CapitalHOF CapitalRaptor Group and GoldenTree Asset Management.

Qredo grows in valuation following Series A

The Series A funding raise brings Qredo’s valuation to $460 million.

Anthony Foy, Qredo’s CEO said, “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.”

“The Qredo solution provides a secure, cost-efficient and compliant approach 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 decentralized custody.”

Qredo’s 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 decentralized multi-party computation removes the vendor risk and the single points of failure associated with centralized custody solutions and traditional private key management.

Qredo has raised $120mm in the last 12 months. As with its seed round in May 2021 and Token Private Sale in June 2021, Qredo has attracted both financial and strategic investors.

Qredo makes strategic partnerships in the market

The strategic investors will also become facilitated in their efforts towards building solutions on Qredo for their customers, bringing the next wave of user growth to the network.

Qredo’s Series A also marks a year of operational momentum.

In October 2021, Qredo’s groundbreaking 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, Qredo became one of a small number of technology partners chosen to bring forth the next generation of Bitcoin and blockchain-related applications in El Salvador.

Dan Tapiero, the Founder and Chief Executive Officer of lead investor 10T Holdings also offered his insights and said, “Infrastructure is a key battleground for scaling crypto adoption.”

“Qredo’s distributed architecture and implementation of MPC is a game-changer for the secure custody and settlement of crypto assets. Qredo has the drive, resources and technological edge to support the complex and evolving needs of its users, now and into the future.”

Qredo’s Series A includes $60mm of primary capital and $20mm from secondary investors. 

The funds will fuel the next steps of Qredo’s growth like future acquisitions, development of Qredo functionality for retail users, and facilitating Qredo’s geographic expansion.

The group of investors includes 10T Holdings, Kingsway Capital, Coinbase Ventures, Ava Labs, Terraform Labs, GoldenTree Asset Management, HOF Capital and Tokentus Investment AG.

Other strategic investors participating in this funding raise include SVK Crypto, GMF Capital, Rovida Kruptos Assets Limited, Vectr Fintech, Kestrel 0x1, Kenetic Capital, Nural Capital First Light (US) LP, Raptor Group, Alumni Ventures Blockchain Fund, and Liberty City Ventures.

Galaxy Digital served as exclusive financial advisor to Qredo and sole placement agent.