London's digital asset manager Qredo courts $80 million from 10T Holdings and Coinbase

London-based developer of a decentralised Layer 2 infrastructure for the custody and settlement of digital assets, Qredo has raised $80 million in Series A funding. The new investment brings the startup’s valuation to $460 million. 

The round was led by 10T Holdings and witnessed the participation of Coinbase Ventures, Avalanche and Terra, and top tier financial investors Kingsway Capital, HOF Capital, Raptor Group and GoldenTree Asset Management.

The fresh capital will be used to fuel the next steps of growth, including future acquisitions, further development of its functionality for retail users, and facilitating expansion. 

The platform’s Layer 2 protocol enables instant cross-chain swaps and settlement on supported blockchains — with none of the frictional costs associated with Layer 1 transactions.

“The fact we’ve won support from some of the biggest and smartest investors in crypto is a clear validation of our long-term focus and mission,” said Anthony Foy, CEO of Qredo. “The Qredo solution provides institutions with a secure, cost-efficient, and compliant way to engage fully with digital assets and DeFi. We’re now in an excellent position to seize opportunities, take market share, and demonstrate the powerful value of decentralized custody.”

The startup has raised $120 million in the last 12 months. As with its seed round in May 2021 and Token Private Sale in June 2021, it has attracted both financial and strategic investors.

Dan Tapiero, Founder and CEO of 10T Holdings said: “Infrastructure is a key battleground for scaling crypto adoption. The platform’s distributed architecture and unique implementation of MPC is a game-changer for the secure custody and settlement of crypto assets.”