Qredo, a developer of digital asset management infrastructure, has closed its Series A on $80m, which puts its valuation at $460m.
Crypto investment firm 10T Holdings served as the lead investor. Other contributions came from Coinbase Ventures, Avalanche, Terra, Ava Labs, SVK Crypto, GMF Capital, Kenetic Capital, Nural Capital First Light, Alumni Ventures Blockchain Fund, Liberty City Ventures and several others.
It was also supported by top tier financial investors, including Kingsway Capital, HOF Capital, Raptor Group and GoldenTree Asset Management.
With the fresh equity, Qredo hopes to complete further acquisitions, enhance its services and expand geographically.
Qredo has built a decentralised Layer 2 infrastructure for the custody and settlement of digital assets.
Its Layer 2 protocol enables instant cross-chain swaps and settlement on supported blockchains. The decentralised multi-party computation (MPC) removes the vendor risk and single points of failure associated with centralised custody solutions and traditional private key management.
Qredo CEO Anthony Foy said, â€œThe fact weâ€™ve won support from some of the biggest and smartest investors in crypto is a clear validation of Qredoâ€™s long-term focus and mission.
â€œThe Qredo solution provides institutions with a secure, cost-efficient, and compliant way to engage fully with digital assets and DeFi. Weâ€™re now in an excellent position to seize opportunities, take market share, and demonstrate the powerful value of decentralised custody.â€
Galaxy Digital served as the exclusive financial advisor to Qredo and sole placement agent for the round.
Qredo has raised a total of $120m in the past 12 months.
Copyright Â© 2022 FinTech GlobalÂ