Qredo secures $11 million seed funding to boost opportunities across DeFi
By Megha Bhattacharya
Decentralized digital asset management infrastructure and product suite Qredo has announced an $11 million seed round led by investors including G1, Gumi Cryptos, Maven 11, Spartan Group, 1kx and Kenetic. This funding will fuel the next stage of the company’s growth, which includes doubling its R&D team and bringing in additional talent at the C-suite level, and Qredo’s anticipated version 2 launch. With version 2, Qredo stated that it will move closer to achieving its goal of transitioning to a decentralized autonomous organization (DAO). Qredo version 1 mainnet is live today and the company operates 24 nodes in 6 tier 4 data centres: Tokyo, Hong Kong, Singapore, New York, Chicago and London.
The successful release of version 1 has allowed the company to build, test and operate, prior to transitioning to version 2 decentralisation. Validators on version 2 are able to earn QRDO governance tokens as incentives, through a revenue-sharing mechanism within the network.
“The next generation of DeFi players will be institutions that actively look for ways to enter the crypto market in a secure and compliant manner without sacrificing their ability to respond to economic opportunities,” said Anthony Foy, CEO of Qredo.
“We are excited to see Qredo bring better speed, security and compliance into DeFi and provide a new way for institutions to interact with crypto on terms they are familiar with,” said Alex Mashinsky, investor and CEO of Celsius Network.
IBSi Daily News Analysis
February 27, 2024
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