Fusionchain Custody Service Rises with Qredo Acquisition
Fusionchain, a new platform that will be launched using assets from digital custody service Qredo, is set to receive a new name after a partial acquisition by a firm associated with investor Dan Tapiero. The launch of Fusionchain will not affect Qredo’s custody platform, and customers will continue to operate as normal. When Fusionchain is launched, Qredo’s QRDO token will migrate to the Cosmos blockchain, which is maintained by the Interchain Foundation based in Switzerland. As of December, Cosmos’ IBC bridge has connected 46 blockchains with a combined token value of $13 billion.
The acquisition of Qredo was made possible through Fusion Labs, a company linked to 10T Holdings and 1RoundTable Partners, investment funds established by Dan Tapiero to target late-stage crypto firms. In late 2023, 10T Holdings and 1RoundTable Partners led a reorganization of Qredo and its board of directors. According to a document from the QRDO Foundation, Qredo had been working on the development of a new protocol throughout 2023. Qredo announced the release of the Fusionchain testnet in November, which allowed third-party developers to create independent self-custodial applications.
Former Qredo CEO Duncan Payne-Shelly will take on the role of Chief Financial Officer (CFO) at Fusion Labs. Qredo’s engineering team will also join Fusionchain. Just before the acquisition was announced, two administrators were appointed for Qredo following English law to protect the position of insolvent companies. Tapiero expressed his thoughts on the acquisition in a LinkedIn post on February 2, stating that it marks the next stage in the evolution of 1RoundTable Partners and 10T Holdings. He also acknowledged the challenges that lie ahead for the new Qredo/Fusion company, which is yet to be named.
Both 10T Holdings and 1RoundTable Partners have several members in common among their leadership teams. 10T Holdings has a diverse portfolio that includes shares in major players in the crypto and Web3 space. Tapiero is a co-founder of Gold Bullion International, a company specializing in gold sales and storage.
5 thoughts on “Fusionchain Custody Service Rises with Qredo Acquisition”
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Is Qredo just trying to ride the coattails of bigger players?
Insolvent companies and new leadership, it doesn’t sound promising at all. 😬
The QRDO Foundation’s document highlights the hard work and dedication put into the development of the new protocol. Kudos to the Qredo team! 👏💪
I’m thrilled that Qredo’s custody platform will continue to operate as normal. Security is crucial in the world of digital assets, and this reassures me as a Qredo customer.
All these connections between different investment funds, it’s starting to sound fishy.