Tuesday, 20 July, 2021 — Decentralized digital asset infrastructure and technology provider Qredo announces that it raised a total of $35mm through a Private and Public Sale of its innovative new QRDO Token.
Qredo’s cross-chain Layer 2 Network enables institutional investors and corporate treasurers to painlessly integrate digital assets into their investment activity and operations. Features include:
- Secure crypto asset custody via a next-generation implementation of Multi-Party Computation (MPC). This decentralized approach removes the risk of centralized private key storage solutions.
- Comprehensive digital asset governance and reporting features, allowing institutions to meet compliance obligations and customize their custodial governance and approval workflows.
- Instant cross-chain swaps and settlement on supported blockchains — with none of the frictional costs associated with Layer 1 transactions.
The Qredo Token Public Sale took place on CoinList on July 8th. The sale saw strong demand, raising $18.1mm in under two hours and attracting over 35,000 new QRDO Token holders. This followed the success of the Token’s Private Sale in June which raised over $16mm from a range of financial and strategic investors — including Nexo, Coinbase, Figment and Ledger Prime — that will also be building on the Network.
Other strategic investors from Qredo’s earlier oversubscribed $11mm seed round in May include Celsius, Deribit, Wintermute, GSR, CMS Holdings, Kronos Research and 3commas.
A notable feature of Qredo’s token is a brand new tokenomics model which has been designed to reward all Network participants, not only validators and miners. This ‘user-centric’ model has been welcomed as a move away from traditional Layer 1 tokenomics to a new approach that is better suited to incentivizing usage and driving liquidity on the growing number of Layer 2 solutions.
Qredo will use the token sale proceeds to accelerate to the next stage of its roadmap. Version 2.0 of the protocol is expected in early next year. Also in development are a range of exciting new Network features, including a Layer 3 Trader Chat and DeFi access tool. Qredo will also be executing on its plan to move to full decentralization.
“The validation we have received from our investors has been overwhelming,” said Anthony Foy, Qredo CEO. “When Brian Spector and I started Qredo in 2018, we knew there was an opportunity to build a more secure and less fragmented environment for crypto ownership. However, we couldn’t have predicted the speed of the shift towards a multichain world, and the demand we now see from institutions for secure decentralized custody. After our token sale, we now have the financial resources we need to accelerate Qredo towards a very exciting future.”
Josh Goodbody, Qredo COO, added “We saw unprecedented demand for the QRDO Token which is great news for the future development of the Network. But we’re also conscious that some valued supporters of the project missed out on a token allocation. To help remedy this, we’ll be making announcements in the near future about ecosystem rewards and other ways to obtain the QRDO Token.”
About Qredo: Qredo is a decentralized digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors in cryptocurrencies and decentralized finance. Qredo includes a novel Layer 2 blockchain protocol that enables users to seamlessly transfer and settle Bitcoin, Ethereum and other leading cryptocurrencies. Qredo’s advanced Gen 2.0 Multi-Party Computation (MPC) provides tier-1 bank security and eliminates the anxiety of private key management. Qredo’s network is designed to enable institutional investors to secure, settle, and access digital liquidity pools and participate in new innovations across DeFi.