Qredo, a new decentralized digital asset management infrastructure and product suite, has announced the close of an $11 million seed round led by a diverse group of investors.
“The next generation of DeFi players will be institutions and these companies are actively looking 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. ”This funding will help us continue building this critical technology to bridge the gap between the security and governance of traditional finance and the rapidly evolving new world of DeFi.”
Qredo uses a novel blockchain protocol that enables users to access cryptocurrencies on Layer 1 blockchains, such as Bitcoin, and Ethereum over a Layer 2 network. This innovation allows users to securely participate in new DeFi innovations such as accessing ‘cross-chain’ liquidity pools, trading collateralized derivatives, and executing cross-chain atomic swaps.
The funds from this seed round will fuel the next stage of Qredo’s growth, which includes doubling its R&D team and bringing in additional world-class talent at the C-suite level, along with Qredo’s anticipated version 2 launch. With version 2, Qredo will move significantly closer to achieving its ultimate goal of transitioning to a decentralized autonomous organization (DAO).