Dear Qredonians ❤️
I hope those of you celebrating Thanksgiving have had a good break.
As December approaches, I thought it an opportune moment to share a few insights into what we are working on in the final month of 2021.
Team Qredo is now nearly 100 strong. We have spent much of this year hiring some of the brightest minds in the space, from cryptographers to graphic designers.
Our plans are ambitious and we will continue to expand; iIf you want to join us on our mission to build the decentralised infrastructure of the future, check out our open roles here.
Last week's Black Friday was wild; the traditional markets sneezed, and the crypto market seems to have caught a cold. On Friday, the Dow was down 2% and the S&P 500 down 1.8%. When the traditional markets enter a “risk-off” mode like this (i.e. when traders move from volatile to safe-haven assets), the crypto market tends to feel the brunt. But, as with any market activity, it soon shall pass.
Our partnership with Metamask Institutional grows from strength to strength. We have been working with some of the largest names in DeFi — from hedge funds to NFT marketplaces — and they have been helping us shape the Beta product.
I’m delighted to say the level of interest has been astounding — we have had hundreds of inbound requests and have been working with the first tranche of Beta users. This validates our thesis that institutions need a better way to access DeFi. We firmly believe that, together with the rockstars at Metamask Institutional, we can bring DeFi to mainstream finance in 2022.
Many folks are rightly pointing out that we haven’t fully delivered on our goal of launching Cross-chain Swaps and the Liquidity Hub this quarter.
The good news is that Cross-chain Swaps are live on the platform today. The less-good news is that you need to have someone to be on the other side of the trade. As a result, these Cross-chain Swaps seem to work best for traders who regularly trade with a trusted counterparty — but not for traders who want anyone to be able to take the trade.
We built the Liquidity Hub to make these Swaps more usable and enable people to post their trades to a bulletin board. The beta for this is in testing and we’ve decided to add more functionality, including the ability to stream liquidity into the Liquidity Hub, and execute partial fills. In short, we want to build a tool that is as useful as possible and this has delayed the launch until early 2022.
The Team put together a fascinating article on how charities can start embracing digital assets. We think this will be a new frontier in philanthropy — check it out here.
We are currently testing Algorand and Solana, and hope to take these integrations before the end of the year. Binance Smart Chain, Polkadot, Cardano and Terra are currently in development — stay tuned for more in-depth news soon.
Where do I begin? You have joined Qredo so early in its journey and we are only getting started. On behalf of the Qredo Team, we are so thankful to all of you for being part of our exciting, game-changing mission. I look forward to sharing more about our activities and plans in the weeks and months to come.
Josh & Team Qredo