Qredo
Valued at $460M in 2022, in administration two years later
A London company that sold decentralised custody to institutions, using multi-party computation instead of single private keys, and ran a layer 2 network for moving and settling assets across blockchains.
- Capital raised (announced)
- Estimated
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
- Public token sale proceeds
The company's announced figure for its public sale of the QRDO token on CoinList on 8 July 2021, which it said drew more than 35,000 new token holders. Not reconciled on-chain.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| Seed | 2021 | ||
| QRDO token private sale | 2021 | ||
| QRDO token public sale (CoinList) | 2021 | Not disclosed | |
| Series A | 2022 |
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Anthony Foy | Unknown – Nov 2023 | CEO, Uberall, a location marketing platform | Oct 2026 | |
| Brian Spector | — | CEO and co-founder, 2Real | Oct 2026 | |
| Josh Goodbody | — | Unknown | — | |
| Duncan Payne-Shelley | — | UnknownNext: Fusion Labs, as chief financial officer (announced February 2024) | — |
Timeline
2018
30 November 2023
A charge over the company's assets was created the same day. The February 2024 acquisition release says 10T Holdings and 1RoundTable Partners had led bridge financing and a reorganisation under a reconstituted board late in 2023.
1 February 2024
Ian James Corfield and Philip David Reynolds of FRP Advisory were appointed joint administrators.
How it ended
Qredo Ltd went into administration after 10T Holdings and 1RoundTable Partners, the lead investor and its sister firm, had led bridge financing and a board reorganisation in late 2023. The next day, a company owned by the same two firms bought substantial assets and hired the engineering team to build a new venture. The administration ended in the company's dissolution.
What happened next
- Asset sale2 February 2024
Fusion Laboratories Ltd bought substantial assets of Qredo Ltd, hired Qredo's developers and engineers, and said it would build a platform called Fusionchain and move the QRDO token to the Cosmos ecosystem. A Qredo Services Ltd spokesperson said the custody platform would stay operational until further notice. No price was disclosed.
- Insolvency proceeding19 February 2024
The proposals were filed at Companies House, and approval of them was deemed on 8 March 2024.
- Insolvency proceeding20 January 2025
A notice extending the administration was filed at Companies House.
- Insolvency proceeding16 September 2025
Notice of the move from administration to dissolution was filed on 16 June 2025, and the company was struck off on 16 September 2025.
Still alive
Open spot
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Sources
14 sources behind this page.
- 1Anthony Foy (@foy_anthony) account record · Anthony Foy on X (account id 1241985378), retrieved via twitterapi.io
- 2Fusionchain custody service to rise from Qredo after acquisition · Bitget News
- 3Brian Spector (@bspector) account record · Brian Spector on X (account id 21233990), retrieved via twitterapi.io
- 4DeFi Infrastructure Provider Qredo Raises $80M at $460M Valuation · CoinDesk · Feb 2022
- 5QREDO LTD (07834052): company overview · Companies House (UK registrar of companies)
- 6QREDO LTD (07834052): filing history · Companies House (UK registrar of companies)
- 7QREDO LTD (07834052): insolvency · Companies House (UK registrar of companies)
- 8QREDO LTD (07834052): officers · Companies House (UK registrar of companies)
- 9Fusion Labs Announces Acquisition of QREDO · PR Newswire (press release issued for 10T Holdings and 1RoundTable Partners) · Feb 2024
- 10Qredo Raises $35M as Demand for Cross-Chain Crypto Infrastructure Grows · Qredo press release, republished as member news by The IA Engine · Jul 2021
Show 4 moreShow fewer
- 11London's digital asset manager Qredo courts $80 million from 10T Holdings and Coinbase · Tech.eu · Feb 2022
- 12About us · Uberall (uberall.com)
- 13Search of @bspector posts mentioning Qredo, 2018 to 2020 · X, retrieved via twitterapi.io
- 14Search of @foy_anthony posts mentioning Qredo, 2018 to 2023 · X, retrieved via twitterapi.io
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.