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DeFi Infrastructure Provider Qredo Raises $80M at $460M Valuation
10T Holdings, a crypto investment firm led by hedge fund manager Dan Tapiero, led the round.
By Brandy Betz
Updated May 11, 2023, 4:10 p.m. Published Feb 4, 2022, 8:06 p.m.
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Decentralized finance (DeFi) infrastructure company Qredo has raised $80 million in an oversubscribed Series A round led by 10T Holdings, the crypto investment firm of hedge fund manager Dan Tapiero, at a $460 million valuation.
The funding round included $60 million of primary capital and $20 million from secondary investors. The funds will help fuel growth, which includes potential acquisitions, further development of retail investor offerings and geographic expansion.
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Coinbase, Avalanche and Terra participated through strategic investments.
Other investors in the round included Kingsway Capital, HOF Capital, Raptor Group and GoldenTree Asset Management.
Qredo has now raised $120 million in the past year, including a seed round in May 2021 and a private token sale last June.
Qredo offers a layer 2 protocol that enables instant cross-chain swaps and settlement on supported blockchains, all at a lower cost than layer 1 transactions.
Qredo uses decentralized multi-party computation (MPC), a cryptographic tool that eliminates the need for individual keys, a security weak point, by allowing multiple computers to share private data representing a piece of the key.
“Infrastructure is a key battleground for scaling crypto adoption,” 10T founder and CEO Dan Tapiero said in the press release. “Qredo’s distributed architecture and unique implementation of MPC is a game-changer for the secure custody and settlement of crypto assets.”
Last October, Qredo was named among four blockchain technology companies tapped by Banco Hipotecario de El Salvador, one of the country’s four state-owned banks, to help the El Salvador adapt bitcoin as a legal tender.
Read more: MetaMask Adds Custodians BitGo, Qredo, Cactus in Push for Institutional DeFi Users
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