A new platform called Fusionchain is set to launch using assets from the digital custody service Qredo following its partial acquisition by a firm connected to investor Dan Tapiero. Fusionchain will be a new venture and will receive a new name.
Qredo’s custody platform will continue to operate, and customers will not be affected by the changes at this time. Qredo’s QRDO token will migrate to the Cosmos blockchain upon the launch of Fusionchain.
Cosmos is a blockchain developed and maintained by the Switzerland-based Interchain Foundation. As of December, Cosmos’ Inter-Blockchain Communication Protocol bridge connected 46 blockchains with a combined token value of $13 billion.
Noncustodial digital asset management platform Qredo was acquired through Fusion Labs, which is linked to 10T Holdings and 1RoundTable Partners, investment funds established by Dan Tapiero to target late-stage crypto firms. These two entities led a reorganization of Qredo and its board of directors in late 2023.
Qredo had been working throughout 2023 on the development of a new protocol, which led to the creation of the Fusionchain testnet unveiled in November. The release aimed to open self-custody primitives, allowing third-party developers to create independent self-custodial applications.
Former Qredo CEO Duncan Payne-Shelly will become the Chief Financial Officer of Fusion Labs. Additionally, Qredo’s engineering staff will join Fusionchain.
Two administrators for Qredo were appointed the day before the company’s acquisition was announced. In English law, administrators are placed in control of insolvent companies to protect their position.
10T Holdings and 1RoundTable Partners share many members of their leadership teams. The portfolio of 10T Holdings includes holdings in several prominent players in the crypto and Web3 space.
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