Qredo's Partial Buying Sparks Genesis of Fusionchain, Set to Transform Digital Custody Services.
Summary:
Digital custody service Qredo has been partially bought by an entity linked to investor Dan Tapiero, resulting in the creation of a new platform called Fusionchain. The Qredo platform will continue functioning as normal, with its QRDO token set to transition to the Cosmos blockchain post-launch of Fusionchain. Former Qredo CEO, Duncan Payne-Shelly, will step in as the CFO for Fusion Labs. The acquisition will not affect current Qredo clients. Fusionchain will allow third-party developers to create self custodial applications, broadening scope in the cryptocurrency space.
The digital asset custody service, Qredo, is set to undergo changes following its partial acquisition by an entity linked to businessman, Dan Tapiero. This acquisition will lead to the birth of Fusionchain, which will essentially carry forward the assets of Qredo under a different name. Despite this changeover, Qredo’s custodial platform will continue operating without any immediate impact on the clients. It is also planned that Qredo’s unique QRDO token will shift to the Cosmos blockchain shortly after Fusionchain’s initiation.
The Cosmos blockchain is an innovative project maintained and developed by Switzerland-based Interchain Foundation. As of the last count in December, Cosmos' IBC bridge was linked to 46 blockchains representing a collective token worth $13 billion. Fusion Labs, that is associated with investment funds 1RoundTable Partners and 10T Holdings orchestrated by Tapiero, played a significant role in the absorption of Qredo. These funds are known for their focus on late-stage crypto companies.
In 2023, a reshuffling of Qredo, and its board of directors, was spearheaded by 10T Holdings and 1RoundTable Partners. Qredo spent the better part of 2023 extensively devising the new protocol, according to a QRDO Foundation document. In November, Qredo presented the Fusionchain testnet. Qredo elaborated on the function of Fusionchain, explaining that it enables third-party developers to create self custodial applications.
As a part of this transition, former Qredo CEO, Duncan Payne-Shelly, will assume the role of Chief Financial Officer (CFO) at Fusion Labs, a position he held at Qredo before stepping up as CEO. The Fusionchain team will also welcome Qredo's engineering staff.
The announcement of the acquisition was timed a day after two administrators were appointed at Qredo. Administrators are responsible for managing insolvent companies according to English law. Tapiero, in a LinkedIn post, stated that the journey ahead may pose challenges for the new company, which is yet to be named.
Leadership teams have many common members between these two investing firms. Notably, 10T Holdings holds stakes in several significant crypto and Web3 players. Apart from his investments, Tapiero is also the co-founder of Gold Bullion International, a known gold sales and storage company.
Published At
2/2/2024 11:21:56 PM
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