KUALA LUMPUR, May 6 (Bernama) -- Qredo, a decentralised digital asset management infrastructure and product suite, has announced a US$11 million seed round led by a diverse group of investors. (US$1 = RM4.117)
The investors include G1 , Gumi Cryptos, Maven 11, Spartan Group, 1kx and Kenetic.
Qredo network will enable institutional clients to transfer, swap and settle on a decentralised network - access liquidity pools, securely participate in new decentralized finance (DeFi) innovations.
“The next generation of DeFi players will be institutions that actively look for ways to enter the crypto market in a secure and compliant manner without sacrificing their ability to respond to economic opportunities,” said Qredo Chief Executive Officer, Anthony Foy.
Qredo uses a novel blockchain protocol that enables users to access cryptocurrencies on Layer 1 blockchains, such as Bitcoin, and Ethereum over a Layer 2 network.
According to a statement, this innovation allows users to securely participate in new DeFi innovations such as accessing ‘cross-chain’ liquidity pools, trading collateralised derivatives, and executing cross-chain atomic swaps.
This funding will fuel the next stage of Qredo’s growth, which includes doubling its R&D team and bringing in additional world-class talent at the C-suite level, and Qredo’s anticipated version 2 launch.
With version 2, Qredo will move closer to achieving its goal of transitioning to a decentralized autonomous organization.
Validators on version 2 are able to earn QRDO governance tokens as incentives, through a revenue-sharing mechanism within the network.
-- BERNAMA
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