Qredo is a technology company.
Qredo has raised $91.0M across 2 funding rounds.
Qredo has raised $91.0M in total across 2 funding rounds.
Qredo is a blockchain technology company that builds a decentralized multi-party computation (MPC) wallet and custody protocol for institutions, enabling secure storage, trading, and access to digital assets across chains without private keys.[1][2][3] It serves asset managers, traders, DAOs, and professional investors by solving core custody challenges like private key risks and vendor exposures through distributed cryptographic secrets on an immutable Layer 2 blockchain, offering features like trustless swaps, yield farming, and cross-chain liquidity.[1][2][3][4] Despite raising $91M since 2018, Qredo filed for bankruptcy in February 2024, marking a significant setback amid its growth in DeFi and Web3 infrastructure.[2]
Founded in 2018 and based in Tortola, Virgin Islands (British), Qredo emerged to rearchitect digital asset ownership and blockchain connectivity in response to limitations in traditional custody solutions.[2][3] The company pioneered the first decentralized trustless MPC custodial network, replacing private keys with cryptographic secrets distributed across independent MPC nodes governed by its Layer 2 blockchain.[1][2][6] Early traction included partnerships like MetaMask Institutional for compliant DeFi access, but pivotal challenges led to bankruptcy filing in February 2024.[1][2]
Qredo rode the wave of institutional adoption in blockchain and DeFi, addressing cybersecurity gaps in digital asset management amid rising demand for non-custodial, compliant infrastructure post-2018 crypto winters.[1][2][3] Its timing aligned with MPC innovations and Layer 2 scaling trends, enabling liquidity efficiency and cross-chain interoperability when exchanges and wallets struggled with hacks and centralization risks.[1][4][5] Market forces like regulatory scrutiny on custody and DeFi growth favored its trustless model, influencing the ecosystem by setting standards for decentralized vaults—though bankruptcy highlights volatility in crypto infrastructure amid 2022-2024 bear markets.[2]
Post-2024 bankruptcy, Qredo's future remains uncertain, potentially involving asset sales, restructuring, or tech acquisition by survivors like competitors in MPC custody.[2] Trends like tokenized real-world assets and stricter regulations could revive demand for its dMPC innovations, but execution risks and market recovery will shape any evolution.[1][3] Its legacy in pioneering keyless custody underscores the high stakes in blockchain security, tying back to its original mission of unlocking liquidity without compromise—now a cautionary tale for the next wave of infra builders.
Qredo has raised $91.0M in total across 2 funding rounds.
Qredo's investors include 10T Holdings, Alpha Square Group, Conversion Capital, DST Global, Evolution VC Partners, Haymaker Ventures, Intel Capital, Magma Partners, Morgan Creek Capital Management, MUFG Innovation Partners, Quantum Angels Venture Capital, Ulu Ventures.
Qredo has raised $91.0M across 2 funding rounds. Most recently, it raised $80.0M Series A in February 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Feb 1, 2022 | $80.0M Series A | 10T Holdings, Alpha Square Group, Conversion Capital, DST Global, Evolution VC Partners, Haymaker Ventures, Intel Capital, Magma Partners, Morgan Creek Capital Management, MUFG Innovation Partners, Quantum Angels Venture Capital, Ulu Ventures, Anthony Pompliano, Shane Neman | |
| May 1, 2021 | $11.0M Seed | Accelerator Ventures, Gumi Cryptos Capital, Staenberg Venture Partners, Mark Casady, Mark Cuban |