In Brief:
- Amid rampant investment in crypto infra, Qredo raises Series A led by 10T Holdings, Coinbase, Avalanche among others.
- Consisting of $60 million in primary capital and $20 million from secondary investors.
- Aims to capitalize the market and seize the opportunities with digital assets & DeFi.
The decentralized Layer 2 infrastructure for digital assets, Qredo, has secured an $80 million Series A round led by 10T Holdings and its valuation has risen to $460 million.
Qredo’s Series A includes $60 million in primary capital and $20 million in secondary capital. The funds raised will be used to fuel their next stage of expansion. This includes future acquisitions, further development of retail functionality, and facilitating the company’s geographic expansion.
Dan Tapiero’s 10T Holdings led the round, with strategic investors Coinbase Ventures, Avalanche and Terra, Kingsway Capital, HOF Capital, Raptor Group, and GoldenTree Asset Management also participating.
Anthony Foy, Qredo CEO shares in the official statement that the investment raise validates Qredo’s focus and mission to seize opportunities in demonstrating the powerful value of decentralized custody.
Qredo is a crypto infrastructure company that specializes in decentralized custody, settlement, and cross-chain swaps without the frictional costs associated with Layer 1 transactions. Qredo creates decentralized tools to assist DeFi operators with asset movement between blockchains, as well as settlement and custody.
“Infrastructure is a key battleground for scaling crypto adoption,” says the company’s COO, Josh Goodbody begins to justify the recent fundraising by crypto startups. With the increasing adoption of blockchain companies are trying to integrate the technology or investing in blockchain firms. Dune Analytics, a crypto data startup, also confirmed earlier this week that it had raised $69.42 million at a valuation of $1 billion.
