A Struggling Crypto Custodian Placed into Administration
A portion of the struggling crypto custodian Qredo has been placed into administration after its partial acquisition by growth equity firms 10T Holdings and 1RoundTable Partners. The firms have acquired “substantial” assets of Qredo through their new entity, Fusion Laboratories. Qredo’s joint administrators will communicate with suppliers, creditors, and employees regarding the next steps. The Qredo custody platform will remain fully operational for now.
More Layoffs at Qredo
Qredo has cut 44 jobs and transferred the remaining 23 employees to Fusion Labs. The CEO of Qredo sent an email to the team stating that they are no longer able to make payments for services rendered and that outstanding amounts will be a claim against the company. Duncan Payne-Shelley, the former CEO of Qredo, has moved to Fusion Labs as CFO.
Fusion Labs Announces New CEO and Board
Randy Little, a partner of 10T and 1RT, has been appointed as the new CEO of Fusion Labs. He is joined by Tad Smith and two undisclosed independent directors on the board. Qredo employees such as the CTO and chief cryptographer have also moved to Fusion Labs. The QRDO Foundation, which includes former Qredo employees, expressed optimism about the acquisition and highlighted an exciting future for the QRDO community.
Hot Take: Struggling Crypto Custodian Qredo Placed into Administration
A struggling crypto custodian, Qredo, has been placed into administration following its partial acquisition by growth equity firms 10T Holdings and 1RoundTable Partners. The firms have acquired substantial assets of Qredo through their new entity, Fusion Laboratories. This news confirms previous reports on Qredo’s problems and reveals the roles of 10T and 1RT in its rescue. Qredo’s future remains uncertain as its joint administrators communicate with suppliers, creditors, and employees. However, for now, the Qredo custody platform will continue to operate normally. The acquisition by Fusion Labs brings new leadership and potential growth opportunities for the QRDO community.
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