Fusion Labsan entity supported by 10T and 1RoundTablemade theacquisition from Qredoa startup that offers a crypto custody platform powered by its layer2 Qredo Network.
On Friday, crypto VCs 10T Holdings and 1RoundTable Partners announced that they had acquired the assets of Qredo via a UK-based entity called Fusion Labs.
Following the transaction, which follows an interim financing round and a reorganization of Qredo in late 2023, a new company will be created, according to a press release.
The Fusion Lab team will focus on Qredo’s latest Fusionchain platform and MPC technology. The launch of Fusionchain will be accompanied by the migration of the QRDO digital part to the Cosmos ecosystem.
We remain steadfast in our support of the Fusion team and believe that the acquired Qredo platform remains one of the most advanced in the industry,” said Dan Tapiero, CEO of 10T and 1RT, who will be appointed Chairman of the Board of the new structure.
Developer Qredo had raised $80 million in Series A funding from Coinbase, Avalanche and 10T in 2022.
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