Published Jul 19, 2022
By Qredo Team
Qredo-Xena Exchange Acquisition Brings World-Class Trading Tools to Decentralized Custody
Qredo’s trailblazing acquisition of Xena Exchange’s technology and team brings new levels of liquidity to institutions who prefer the security and flexibility of self-custody.
London, 19th July 2022 — Qredo is proud to announce the acquisition of the team and technology behind Xena Exchange, a derivatives platform built by former professionals from JPMorgan and Deutsche Bank that has pioneered self-custodial trading.
The newly formed unit, Qredo Markets, will pair Qredo's decentralized custody infrastructure with Xena Exchange's technology to create institutional-grade tools for accessing digital asset liquidity.
Xena Exchange's sophisticated trading infrastructure has been honed over five years of development, and includes spot and derivatives trading engines, smart order routers, and sophisticated algorithmic trading tools.
Combined with Qredo's Layer 2 network and self-custodial wallets, this technology will unleash a powerful suite of decentralized liquidity products:
Instant liquidity from self-custody
Xena Exchange's core technology and matching engine will be integrated with Qredo Layer 2, enabling liquidity to be accessed directly from institutional self-custody.
The first product Qredo Markets will be releasing, PowerSwap, will enable anyone to instantly swap QRDO, USDC and USDT, with zero slippage and no counterparty risk.
Over-the-counter swaps and trustless dark pools
Top liquidity providers such as Wintermute and GSR will have the ability to provide liquidity in Qredo's dark pools.
These features — plus more in the pipeline — will enable Qredo users to access a wealth of liquidity opportunities from self-custody, without exposure to counterparty risk.
"As centralized crypto firms freeze withdrawals amid market turbulence, self-custody has never been more critical. The acquisition of Xena Exchange represents a significant milestone on our journey towards creating the next generation of self-custodial wallets. Our combined tech stack will enable institutions to access liquidity in a way that is true to the trustless spirit of blockchain — without ever needing to give up control over funds."
— Anthony Foy, Qredo CEO
"At Xena Exchange we believed that exchanges should not keep the clients' funds, so we built a non-custodial trading environment with high-speed liquidity for institutional and algorithmic traders. As Qredo Markets, we will be able to deliver trading solutions with the unmatched security of Qredo as a decentralized custodian."
— Anton Kravchenko, Qredo Markets Director
"Dozens of software engineers have worked on our derivatives matching engine for five years. The result is something that simply cannot be bought on the open market, and thus gives Qredo an immense competitive advantage. We are confident that our technology has found the right home, and are delighted to join a stellar team that can take it to the next level."
— Alexey Semichastnov, Qredo Markets Product Director
Qredo is a decentralized digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors in digital assets and decentralized finance. Qredo's Layer 2 blockchain protocol enables users to seamlessly transfer and settle BTC, ETH, and ERC-20 tokens. Assets are secured by Qredo’s advanced Gen 2.0 multi-party computation (MPC), which provides tier-1 bank security and institutional-grade governance.