Qredo Raises $11 Million In Seed Funding To Launch Suite Of Digital Asset Management Technologies
Decentralized digital asset management infrastructure Qredo has announced the conclusion of its oversubscribed seed funding round, which raised $11 million. Investors include Amnis Ventures, Artus, Borderless Capital, Celsius, CMS Holdings, Connect.Capital, Deribit, G1, GSR, Gumi Cryptos, Kenetic, Kronos, Maven 11, 1kx, Quantstamp, Q-Stone Partners, Spartan Group, SVK Crypto, Tokentus, 3commas, Wintermute, Yellow and Zhou Holdings.
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 funding will allow Qredo to further develop its technology suite, in turn addressing some of the most common pain points for institutional investors entering the cryptocurrency and decentralized finance (DeFi) markets, including liquidity lockup, inefficient deployment of capital and data security risks. The funds will also fuel the next stage of Qredo’s growth, which includes doubling its developer team and bringing in additional world-class talent at the C-suite level, along with Qredo’s anticipated version 2 launch.
“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.
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