Qredo Quarterly Update: Q1 2023

Published Apr 6, 2023
By Qredo Team

The first quarter of 2023 has been extremely eventful for Qredo, and we have been building furiously across these months in preparation for the huge upcoming release of New Qredo coming in Q2.  

We have already seen a record month for transactions in March, a huge milestone in security terms as we achieve SCO2 type 2 compliance, attendance at ETHDenver as well as WalletConnect, and the release of our new roadmap for H1 2023. We also saw recognition of Qredo's work in both the Zero-knowledge Substack, and in our selection as one of the best to watch in Web3 by Tech Funding News. 

This has been a big quarter for us, but the biggest thing of all is what we have been building this quarter for you, our users, which you will have access to very soon: the New Qredo. 

Tech talk 🛠️🧰

Qredo's Q1 insight: Exploring the power of Polkadot with Bill Laboon

On 11 January, Qredo hosted a podcast episode featuring an insightful discussion with Bill Laboon about the power of Polkadot. This engaging conversation provided valuable insights into the revolutionary potential of Polkadot within the blockchain ecosystem. 

During the podcast, listeners learned about the fundamentals of Polkadot, its unique capabilities, and how to get started with this cutting-edge technology. This Q1 event showcased Qredo's dedication to empowering our community with the latest knowledge and trends in the world of blockchain. 

Qredo's Q1 milestone: Achieving SOC2 type 2 compliance

In a major achievement during Q1, Qredo proudly announced that we have attained SOC2 Type 2 Compliance. This certification is a testament to our unwavering commitment to setting a new standard of security for digital asset custody. 

By obtaining this prestigious compliance status, we further demonstrated our dedication to ensuring the highest levels of security and trustworthiness for our clients and partners in the digital asset space. 

Network update: Trusted Execution Environments (TEEs)

We took the lead in revolutionizing the crypto custody landscape by integrating Trusted Execution Environments (TEEs) into our Qredo Network this quarter. As we strive to become the world's most secure, accessible, and distributed blockchain custody protocol, implementing TEEs is a game-changing move that enhances our resilience and security. Discover more about this exciting development and the transformation it brings to our network in our recent blog post. 

Performance update: Cloud-based dMPC

In Q1, we shared a comprehensive performance update on our innovative cloud-based Distributed Multi-Party Computation (DMPC) technology. This update highlights the progress we've made in enhancing the security, efficiency, and accessibility of our blockchain custody protocol. Explore the details of our advancements in this engaging report, showcasing our unwavering commitment to offering industry-leading solutions in the crypto custody space. 

Network 🌐

Qredo stats 📊

Q1 saw a total transacted volume of $7.5B (-3,95% Q4).  

After an extraordinary month in crypto which saw huge transactional volume for Qredo in November, a small downturn in total volume was certainly anticipated.  

2023 has seen rapid growth and recovery in transactional volume after a historically low December for the whole market.  
March was a record-breaking month in terms of transactional volume, and the second largest in Qredo's history.  

During Q1, volume has consistently shown strong growth, being +50% month-on-month (MoM) for January, +120% MoM for February and +90% MoM for March. 

Top protocols, chains & actions by volume on Qredo in Q1

During Q1, Aave V2 was the most popular protocol accessed via Qredo, accounting for over 28% of activity. This was followed by GMX, Convex, Stargate and Aave V3, which together made up over 60% of total activity. 

In terms of chains, ETH was, as you would expect, still the champion, with 60% of total activity. This was followed by ARB, AVAX, MATIC and OP, together comprising over 90% of all activity on Qredo. 

Finally, in terms of actions taken on Qredo Network, Lending was the most significant, at 44%, followed by Staking, Farming, Yield and Liquidity Pools, which between them accounted for over 99% of all actions taken on the platform. 

Partner activity 🤝

Latin American neobank Ditobanx

In Q1, Qredo was excited to partner with DitoBanx, a Latin American neobank for the unbanked, to offer secure digital asset custody solutions to individuals and businesses. Through Qredo's dMPC protocol, DitoBanx will provide its customers with secure and compliant storage of digital assets while eliminating the risk of private key loss.  

As a leading provider of digital asset solutions in Latin America, DitoBanx offers Bitcoin-backed loans, digital asset wallets, and payment processing solutions, promoting financial inclusion for the unbanked and underbanked. The integration of Qredo's custody solutions will enable customers to manage their financial assets within DitoBanx's products, ensuring a secure and seamless experience.  

This partnership aims to bring institutional-grade digital asset custody services to the unbanked in Latin America and enable them to participate in the growing digital economy. You can read more about DitoBanx right here. 

Accounting platform Cryptio

Recognizing the increasing need for robust accounting and auditing in the crypto sphere, at Qredo, we were thrilled to announce our partnership with Cryptio a leading crypto accounting platform.  

This collaboration enables our users to benefit from Cryptio's top-notch, enterprise-grade software, ensuring seamless accounting, reporting, tax, and audit preparation for their digital assets while meeting the high standards demanded by auditors. Learn more about this strategic partnership and its impact on our users in our recent blog post. Also, check out Cryptio directly here! 

Events 💃

ETHDenver attendance update: Qredo was there!

Qredo was delighted to attend ETHDenver 2023, an amazing event that allowed us to engage with some of the most brilliant individuals in the blockchain sector. 

Julien Auchecorne's panel contribution at WalletCon

During Q1, Qredo participated in WalletCon, where our very own Julien Auchecorne took center stage as a panelist, sharing his valuable insights and expertise with industry peers. His captivating answers showcased the innovative solutions that Qredo offers in the blockchain wallet space. Discover how Julien's contribution at WalletCon enhanced our presence in the blockchain community. 

Watch 📺

Check out our very popular Roadmap video with Gabriele Farei!

Join the revolution! 💼

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  

Qredo in your ear 🎧

Qredo’s growing library of panels, interviews and other great content is now available through our new podcast channels. Choose your favourite site to listen: 

Roadmap 🛣️

H1 2023 roadmap released

In the first quarter, we unveiled our exciting February 2023 Roadmap Update, showcasing our ambitious plans for the future of Qredo. This comprehensive update highlights the strategic milestones and key developments we aim to achieve in the coming months.  

Delve into our progress and future aspirations by exploring this insightful summary, reflecting our commitment to continuous growth and innovation in the blockchain custody space.  

We also released our Roadmap Breakdown Video, which was very well received by the community. 

Much in the left-hand column, "In Progress" is coming very soon with the upcoming launch of the New Qredo platform, about which we could not be more stoked. We are on track to release this in Q2 as planned. 

The New Qredo is taking our platform forward to make enterprise-grade security accessible, flexible and functional for all our customers. This is just the beginning of an exciting year of innovation for us, and we can't wait to see how our customers will use the New Qredo" 

-Gabriele Farei, Chief Product Officer 

Recognition 🏆

Qredo acclaimed as top ten Web3 startup

We are proud to share that Qredo was celebrated as one of the top ten Web3 startups to watch out for in 2023, earning a spot among the "Hottest in Europe" as reported by Tech Funding News. This recognition reflects our commitment to innovation and excellence in the blockchain industry. 

Qredo Labs featured in Substack's ZK newsletter

Qredo published a widely-read article exploring the ins and outs of zero-knowledge proofs—a ground-breaking technology that enhances privacy and security in the blockchain space.  

This tech-heavy hitter, published on our blog and featured in other prominent industry outlets, demonstrated Qredo's commitment to delivering cutting-edge solutions and educating the blockchain community. Delve into our detailed analysis of zero-knowledge proofs. 

We received exciting recognition when this article was featured in Substack's ZK Newsletter. This newsletter is a respected source of information and analysis for the growing field of zero-knowledge (ZK) cryptography and its applications. 

Community update🪢

Qredo’s community AMA

During Q1, we hosted an insightful community AMA (Ask Me Anything) session, where we addressed various questions from our valued community members.

We prepared a Qredo Recap of the event, highlighting key topics discussed and providing further clarity on our vision and ongoing projects. Delve into this engaging summary and learn more about our commitment to fostering a strong, informed, and engaged community. 

Token updates: Token management with Token Tool

In Q1, we introduced a powerful solution for securely creating and managing tokens through Token Tool on Qredo. This innovative platform allows users to harness the power of our blockchain custody protocol, ensuring the utmost security and efficiency in token management. You can explore the details of this ground-breaking feature. You can check out more about BitBond right here. 

Community highlights: Bybit, Beosin and Superhedge!

Other great community highlights this quarter included Gabriele Farei’s AMA with Bybit, Ben Whitby’s “Strengthening Blockchain Security” event with Beosin, and our awesome community call with none other than Superhedge! Come check them out on our Twitter and support these awesome members of the wider ecosystem. 

A sincere letter to all Qredonians

At the end of the first quarter of 2023, our COO, Josh Goodbody, published a heartfelt letter addressing our dedicated community of Qredonians. In this, he reflected on our significant milestones and accomplishments, all of which have been made possible through your unwavering support. 

The letter highlighted our growth as a leading blockchain company, emphasizing our commitment to innovation and security within the digital asset space.  

As we continue to push the boundaries of blockchain technology, we are grateful for the trust and support our Qredonians have shown us throughout this journey. Here's to a successful Q2 and an even more promising future! 

Open a Qredo Wallet