Qredo’s USD 80 million USD Series A raise was led by 10T Holdings. The round includes a diverse group of strategic investors Coinbase Ventures, Avalanche, and Terra, and top tier financial investors Kingsway Capital, HOF Capital, Raptor Group, and GoldenTree Asset Management. The Series A raise brings Qredo’s valuation to USD 460 million USD.
Qredo’s Layer 2 protocol reportedly enables instant cross-chain swaps and settlement on supported blockchains — with none of the frictional costs associated with Layer 1 transactions. Its decentralised multi-party computation (MPC) removes the vendor risk and the single points of failure associated with centralised custody solutions and traditional private key management.
Qredo has raised USD 120 million in the last 12 months. As with its seed round in May 2021 and Token Private Sale in June 2021, Qredo has attracted both financial and strategic investors. The strategic investors will also be building solutions on Qredo for their customers, bringing the next wave of user growth to the network.
Qredo’s Series A includes USD 60 million of primary capital and USD 20 million from secondary investors. The funds raised will be used to fuel the next steps of Qredo’s growth. This includes future acquisitions, further development of Qredo functionality for retail users, and facilitating Qredo’s geographic expansion.
The full group of investors includes: 10T Holdings, Kingsway Capital, Coinbase Ventures, Ava Labs, Terraform Labs, GoldenTree Asset Management, HOF Capital, Tokentus Investment AG, SVK Crypto, GMF Capital, Rovida Kruptos Assets Limited, Vectr Fintech, Kestrel 0x1, Kenetic Capital, Nural Capital First Light (US) LP, Raptor Group, Alumni Ventures Blockchain Fund, and Liberty City Ventures.
Galaxy Digital served as exclusive financial advisor to Qredo and sole placement agent for the financing round.
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