Published Jun 10, 2021
By Qredo Team
Former Binance Executive Joins DeFi Pioneer Qredo to Launch QRDO Token
After raising $11mm in a seed round, Qredo hires Josh Goodbody as COO to accelerate QRDO, an upcoming Layer 2 protocol with groundbreaking tokenomics and reward systems
London, 10 June 2021— Decentralized digital asset infrastructure and technology provider Qredo announces the appointment of Josh Goodbody, the network’s first Chief Operating Officer. One of Goodbody’s first duties as COO is spearheading the launch of Qredo’s unique utility and governance token, QRDO.
The economics behind the QRDO token address issues in current token models by expanding rewards beyond validators and miners. According to Qredo’s research, there is an overabundance of Layer 2 solutions that have simply replicated Layer 1 tokenomics. While they may work for a universal, underlying protocol, these incentive models insufficiently value the most important participants for an L2 solution: the end users. Qredo aims to change this by implementing a structure that includes user and participants incentives for transaction mining, liquidity mining and custody mining, a novel concept.
“QRDO represents a radical new approach to utility and governance tokens. We have built a uniquely user-centric model which incentivizes all network participants as opposed to just network validators,” said Josh Goodbody, newly appointed Qredo COO. “Layer 2 solutions must incentivize usage and reward liquidity. With QRDO, our users, liquidity providers, and validators will share QRDO rewards based on their activity.”
Qredo brings an industry-first approach to incentivizing liquidity whereby liquidity providers can earn rewards in both QRDO and Layer 1 assets. Additionally, for each transaction on the Qredo network, users will receive a rebate of up to 100 percent of their transaction fees in QRDO tokens.
The Qredo token further serves as an incentive for validators to secure the Qredo network and allows for transactions to be authorized by a community of decentralized custodians.
“With the DeFi industry surpassing $100 billion in market capitalization this year, token holders are seeking more opportunities to earn yield. We see transaction mining as a key catalyst to the adoption of our cross-chain Layer 2 network,” notes Anthony Foy, Qredo CEO.
Goodbody has played a key role scaling some of the industry's largest exchanges, driving growth for Huobi as General Counsel, then leading its Global Institutional Business, and joining Binance as EMEA Regional Director to help the exchange scale to become the world’s largest crypto exchange by trading volume.
"I’m delighted to join the Qredo team to help scale and kick off our upcoming journey towards decentralization,” said Josh Goodbody. “The need for decentralized institutional-grade custody has never been stronger, and the upcoming launch of $QRDO will be a game-changer for the blockchain industry -- allowing it to scale on a secure and cross-chain basis."
An advisor to Qredo since 2020, Goodbody has overseen the process of realizing Qredo's vision of decentralized custody. Now as COO, he is charged with implementing its go-to market strategy and the push towards complete decentralization.
Goodbody's appointment comes as part of a broader expansion of the Qredo team.
Philip Langfelder, a former hedge fund and trading operations executive with almost 20 years of experience working as Head of Hedge Fund Operations at Credit Suisse and Deutschebank, is joining Qredo as Director of Customer Development, where he will guide innovation to meet the needs of the digital asset market. In addition, former Chief Software Architect Stanislav Mihaylov has been promoted to Vice President of Engineering and will lead a development team that is doubling in size.
About Qredo: Qredo is a decentralized digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors in cryptocurrencies and decentralized finance. Qredo includes a novel Layer 2 blockchain protocol that enables users to seamlessly transfer and settle Bitcoin, Ethereum and other leading cryptocurrencies. Qredo’s advanced Gen 2.0 Multi-Party Computation (MPC) provides tier-1 bank security and eliminates the anxiety of private key management. Qredo’s network is designed to enable institutional investors to secure, settle, and access digital liquidity pools and participate in new innovations across DeFi.
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