Cryptocurrency infrastructure developer Qredo has secured an $80 million investment led by prominent investor Dan Tapiero's 10T Holdings fund. The company was valued at $460 million after the last investment.
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In addition to 10T Holdings, Coinbase Ventures, Avalanche and Terra also led the round. In addition, Kingsway Capital, HOF Capital, Raptor Group, GoldenTree Asset Management and others participated. The funds raised will be used for growth-focused activities, such as acquisitions, product development and geographic expansion.
Qredo is a cryptocurrency infrastructure startup focused on decentralized monitoring, consensus and cross-chain transactions. The company is building decentralized tools to help DeFi operators transfer assets across blockchains, as well as settlements and escrows.
The company's chief operating officer, Josh Goodbody, said in a statement that venture capital firms have a huge interest in cryptocurrency infrastructure companies.
“The infrastructure is very angry right now …… and what you’re seeing in the background is really an MPC technology race.”
Tapiero, founder and CEO of 10T Holdings, also released a statement saying that "infrastructure is a key battleground for expanding cryptocurrency adoption."