April was a whirlwind of innovation and development for Qredo. Read on for all the highlights!
This April we successfully unveiled our technology preview of QSign our revolutionary new cross-chain primitive. QSign will empower a generation of Web3 developers who are building in a new era of blockchain interoperability.
QSign is more than just a technological breakthrough; it's a paradigm shift in digital asset management that will enable developers to interact with assets and applications across different blockchains, safely unlock market liquidity, and build secure cross-chain applications, helping realize the collective ecosystem benefit and goal of open, permissionless blockchain interoperability.
This development has the potential to unleash a whole new array of cross-chain use cases. From distributed bridges to interchain automated market makers (AMMs), lending protocols, and cross-chain smart contract wallets, the possibilities are endless.
This is a game-changer not just for institutional investors looking to optimize their digital asset portfolios, but also for crypto natives and the wider finance industry, who now have a more secure, reliable platform for self-custody.
We encourage our community of developers to explore this technology preview, provide valuable feedback, and actively contribute to shaping the future of this QSign.
Throughout April, transaction volume across Qredo Network was $3.94 billion. Whilst this was 8% lower volume than we saw in March, when we set it against the overall cryptocurrency market volume dip seen month-on-month between March and April, a staggering minus 39%, we can see that Qredo is outperforming the market significantly across this period.
Ethereum also outperformed the wider market, only dipping in its transaction volume by 8.9%.
In other good news, as we pass the midway point in Q2 now in mid-May, we are already close to surpassing Q1's $7.5 billion in transacted volume!
With major launches around the corner, there's every reason to anticipate that things will continue to accelerate for Qredo. It is certainly a very healthy indication that activity on our network continues to noticeably outperform the wider crypto markets.
As part of our commitment to drive innovation in digital assets, DeFi, and blockchain security, we were thrilled to announce in April that we joined the Avalanche Spruce testnet as an institutional partner.
This exciting partnership gives us the opportunity to explore the potential of on-chain trade execution and settlement.
Avalanche Spruce, and the broader Avalanche Evergreen Subnets, represent a promising leap forward in the field of digital finance. As we experiment with this cutting-edge technology, we're assessing its potential to streamline institutional workflows, reduce costs, and deliver unparalleled value to our users.
The Spruce testnet provides a safe sandbox for us to explore applications and assets, allowing us to experience the full potential of Avalanche's Subnet architecture without deploying capital.
Our participation in the Spruce testnet has involved trading foreign exchange (FX) and interest rate swaps via DeFi applications and expanding our understanding of on-chain FX and cross-border payments.
We are exploring the potential advantages of these innovative systems, such as payment-vs-payment transactions, atomic settlement, and reduced counterparty risk. Our findings and feedback as we navigate this journey will play a crucial role in shaping a scalable and successful mainnet implementation.
This April, we also celebrated the impressive progress of our esteemed partner, MetaMask Institutional (MMI), as they released their own Quarterly Update.
As we look back at the month, it's clear that our collaboration with MMI is significantly transforming the way institutional investors engage with the digital asset ecosystem.
MMI's recent strides encapsulate the heart of our shared mission: providing secure, seamless, and efficient access to DeFi and Web3 for institutional users.
This April, they achieved a notable user retention rate of 65% over eight weeks, an accomplishment that underscores the power of their robust, purpose-built offering.
Innovative account bundling, comprehensive EVM coverage, and the launch of their Institutional Staking marketplace have further solidified MMI's position as a leader in the space.
We're thrilled to be on this journey with MMI, as together we continue to redefine institutional access to digital assets.
In the bustling world of blockchain, Consensus 2023 emerged as a beacon of innovation and connectivity, and Qredo was right at the heart of it.
Qredo's booth at Consensus became a nexus for knowledge exchange, as we found ourselves in the company of industry leaders, intrigued investors, and fervent crypto enthusiasts.
The response to QSign was overwhelming, with developers expressing keen interest. This was a brilliant validation of our conviction to grow a vibrant developer community around QSign, facilitating the further decentralization of DeFi and enabling secure self-custody cross-chain.
Our conversations with thought leaders like Scott Melker and the interest shown by institutional investors in our on-chain custody solutions all underscored our key and active role in the ecosystem.
As we move forward, we carry with us the spirit of collaboration, innovation, and community that was so tangible at Consensus 2023.
Just prior to Consensus, our very own Benjamin Whitby showcased his expertise in his appearance with BACI in the event, "Bridging the Gap from TradFi to DeFi", held at the GT Outpost in the Cayman Islands.
Check out our highlights video from Consensus 2023!
We are growing fast and recruiting for a wide range of different roles. Qredo is a remote-first team that prizes skill, creativity, and collaboration. See if there is a role that suits you or someone you know!
Qredo open positions
April saw several big wins for Qredo in the run-up to our biggest announcement in Q2 – the New Qredo platform. We're delighted to report the launch is on track as planned. Please be on the lookout for more updates on this in the coming days.
We successfully released the QSign technical preview and, just at the top of May, announced our Sui integration made possible by a fantastic new partnership with Mysten Labs.
QRDO's new tokenology update is also on track for a major update this quarter and is currently in consultation with expert third parties to ensure we have an extremely robust and exciting update for you all there.
Our acquisition of the BSI's ISO 22301:2019 Certificate for our Business Continuity Management System (BCMS) this April was an accolade showing our unwavering commitment to operational excellence.
ISO 22301 is recognized internationally as the gold standard for BCMS, designed to help organizations prepare for, respond to, and recover from disruptive incidents.
Earning this certification is a testament to our resilience and agility, and it provides our users with the assurance that our services are built upon secure, reliable, and resilient foundations.
As the blockchain industry matures and institutional investors demand more secure and reliable platforms, our ISO 22301 certification positions Qredo favorably to meet these demands. It also sets the bar suitably high for other industry players.
In April, we launched the dedicated Twitter account for Qredo Labs, our open-source research and product development laboratory. Qredo Labs' primary focus is on areas of critical technological growth, including zero-knowledge proofs.
This initiative is our "big bold bet", designed to create an environment that fosters ideation, exploration, and the inception of ground-breaking technologies. Do follow along on Twitter!
A momentous Web3 webinar brought together our very own Josh Goodbody and other industry visionaries for a deep dive into the transformative potential of Web3.
This thought leadership event served as a melting pot of ideas, sparking conversations that spanned across the intricacies of blockchain technology to the broader implications of a decentralized future.
Our committed user base took to the trading arena with fervor in HuobiGlobal's QRDO trading contest!
We want to express our gratitude to each one of you who participated and made the event a great success.
Stay tuned for an even more exciting May as we continue to drive the digital revolution at Qredo!
Together, we're securing the future of digital assets. We can't wait to show you what's next.