ICYMI: Crypto infrastructure startup Qredo closes $80 million raise led by Dan Tapiero’s 10T Holdings
“Infrastructure is extremely hot right now,” continued Goodbody. “What you have also seen in the background is really a race for multi-party computation technology.”Qredo’s core premise is that it offers"decentralized custody for decentralized assets," according to its website.
The company uses MPC to split and scatter customers’ private keys but claims to take the concept further than the first wave of crypto security firms — like Fireblocks and Copper — by distributing these fragments across watertight data centers, with control in the hands of the Qredochain, the firm’s Layer 2 network.
The startup raised $11 million in seed funding in early 2021, before staging a $35 million token sale in July. Goodbody, who previously led Binance’s operations in Europe and joined Qredo in June 2021, said the firm has grown significantly since the token sale.Qredo’s client roster has also been growing. In October last year, the firmto help institutions access DeFi ecosystems.
“We now have over 100 of what we call institutional clients. Of those, half the clients are interested in DeFi,” said Goodbody. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto investment firm raises $50 million for fund that will buy individual NFTsArca's new fund will focus on snapping up non-fungible tokens.
Read more »
Kyoko Finance Raises $3 Million In Private Round from Animoca Brands, Ventures Crypto and AXIA8 | HackerNoonKyoko’s DAO-to-DAO credit lending infrastructure offers unsecured, and collateralized lending and liquidity to the web3 market secured $3 million in funding.
Read more »
Valr Becomes Latest South African Exchange to Exit Crypto Arbitrage Market – Exchanges Bitcoin NewsValr becomes the latest South African cryptocurrency exchange to exit the crypto arbitrage market in 2022. cryptocurrency cryptoarbitrage
Read more »
Argentinian Government Raises Energy Costs Almost 4x for Cryptocurrency Miners – Mining Bitcoin NewsThe government of Argentina has eliminated the subsidies that applied to power used by cryptocurrency miners, in a resolution issued by the Energy Secretary.
Read more »
More than $320 million stolen in latest apparent crypto hackWormhole, one of the most popular bridges linking the ethereum and solana blockchains, lost about $320 million in an apparent hack Wednesday afternoon.
Read more »
Trust Machine Raises $150 Million in Funding from Breyer Capital, DCG and Hivemind to Expand Web 3 | HackerNoon'Trust Machine Raises $150 Million in Funding from Breyer Capital, DCG and Hivemind to Expand Web 3' web3economicinfrastructure funding
Read more »