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| - Qredo, a decentralized digital asset management infrastructure and product suite, announces an $11 million seed round led by a diverse group of investors including G1 , Gumi Cryptos, Maven 11, Spartan Group, 1kx and Kenetic. "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. 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. This funding 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, and Qredo's anticipated version 2 launch. With version 2, Qredo 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 centers: Tokyo, Hong Kong, Singapore, New York, Chicago and London. The successful release of version 1 has allowed Qredo to build, test and operate, prior to transitioning to version 2 decentralization. Validators on version 2 are able to earn QRDO governance tokens as incentives, through a revenue-sharing mechanism within the network. "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. 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. View source version on businesswire.com: Contact Media: Sandra Rodriguez Qredo@wachsman.com © 2021 Business Wire, Inc. Disclaimer: This material is not an AFP editorial material, and AFP shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person/entity mentioned in the text of the release.
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