Qredo
BankruptInfrastructure · $QRDO · born 2019 · ✝ 2024
An institutional custodian that entered UK administration.
Qredo pitched decentralized MPC custody for institutions, raising significant venture capital. In February 2024 the company entered UK administration after a partial asset sale to Dan Tapiero's 10T Holdings, with 44 employees laid off and salaries halted.
- Peak
- ~$460M raised (VC)
- Cause
- Bankrupt
- Year of death
- 2024
☠️ Cause of death
Bridge financing and a reorganisation failed to stabilise the business. Administrators took control of Qredo Ltd while 10T acquired 'substantial' assets via Fusion Laboratories, relaunching only the Fusionchain blockchain effort.
📓 Lessons left behind
- —Institutional custody needs revenue, not just tokenomics.
- —Administration can vaporise equity while IP walks out the side door.
- —MPC marketing outran institutional adoption timelines.
🌱 The idea that survived
Qualified institutional custody
Survivors (BitGo, Fireblocks, Coinbase Custody) absorbed demand for regulated, audited custody as Qredo's token-native model collapsed.