Qredo attracts high-profile investors in oversubscribed private sale — recognition of the role Qredo's L2 Network will play in a multichain future, and a first test of market appetite for its groundbreaking tokenomics model
London, 28 June 2021 — Decentralized digital asset infrastructure and technology provider Qredo announces that it has closed its Qredo Token Private Sale, raising over $16mm USD.
Private sale investors include Nexo, Coinbase, Figment and Ledger Prime. As with the recent seed round success in May 2021, Qredo has attracted strategic investors who will also be building on the network -- a dual validation of Qredo’s Network’s rationale and decentralized ethos. New financial investors include Signum Capital, Accomplice and LD Capital.
Individuals investing in the private sale include Miles Parry, Head of Custody at Genesis Global Trading.
Investor interest reflects continued momentum at Qredo which has been designed to meet the growing needs of institutional investors seeking to expand their digital asset footprint.
Qredo’s Layer 2 Network couples MPC (Multi-Party Computation) with its own blockchain -- providing decentralized custody solution for digital assets that mitigates the risk of private keys and centralized storage solutions.
Qredo Network users also enjoy greater control over how they manage and deploy their crypto assets. This includes seamless access to a wide range of DeFi opportunities and the ability to trade and transfer assets instantly -- with none of the frictional costs and delays associated with Layer 1s. In addition, Qredo offers unrivalled governance and reporting features, allowing institutional investors to more easily customize their custody set-up and meet compliance obligations.
With the private sale of its QRDO token, Qredo is also launching a radical new approach to utility and governance tokens. In a shift from legacy L1 tokenomics models towards one better suited to Layer 2 activity, Qredo’s new user-centric model incentivizes and rewards all Network participants - not only validators.
“Layer 2 solutions such as Qredo are now seen as crucial in scaling blockchains,” notes Anthony Foy, Qredo CEO. “Qredo is gaining a critical mass of supporters and backers in our mission to reshape cross-chain infrastructure. Our private and upcoming public token sale gives us the development firepower we need to accelerate the Network’s expansion and path to decentralization."
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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