Nexo Leads Qredo’s $16 Million Private Token Sale

2021-7-7 23:56

Nexo, a world-leading regulated digital assets institution, has completed a strategic investment in Qredo, a decentralized digital asset infrastructure, and technology provider. Nexo’s funding will contribute to Qredo’s $16 million private token sales. In this way, Nexo will become one of the leading investors in Qredo, as the company inches towards its public sale of July 8, 2021. Other strategic backers include Coinbase, Figment, and Ledger Prime.

From Nexo’s assessment, Qredo fits the profile of a new innovative project seeking to modernize both digital assets landscape, and financial services. This became the greatest motivation behind the investment.

Anthony Foy, CEO and co-founder of Qredo said, “The technical insecurity and inefficiency of existing methods of private key management have created very real business limitations.” He added, “We’re excited to put Nexo’s investment to work in the development of our groundbreaking innovation changing the way private keys are managed. Nexo’s backing, along without other supporters, will speed the rollout of our innovative infrastructure and usher in a new era of security and capital efficiency for digital asset businesses.”

“Since pioneering crypto-collateralized credit lines in 2018, Nexo has become a household name in terms of unlocking the liquidity of digital assets. As such and in addition to supporting Qredo financially, with our investment we are looking to underpin one of Qredo’s main goals – creating a reliable, secure, and compliant environment for institutional investors in the DeFi space,” commented Tatiana Metodieva, CFA and Nexo’s Chief of Corporate Finance.

Qredo’s unique approach to governance and utility tokens has accelerated its growth into a key player in the DeFi space. Nexo, on the other hand, plans to leverage Qredo’s self-custodial wallets for several applications, thereby seamlessly bridging DeFi and CeFi. This development comes just a few weeks after Nexo forged its way into blockchain governance through its first NEXO Governance Vote.

Nexo’s mission is to maximize cryptocurrencies’ value and utility by “offering tax-efficient Instant Crypto Credit Lines, high yield Earn on Crypto & Fiat suite, an instant Exchange service, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-guide security of the Nexo wallet.” So far, the institution has processed over $30 billion for 1.5M+ users across more than 200 jurisdictions.

Qredo, on the other side, unlocks new opportunities for crypto and DeFi investors. It comprises a Layer 2 blockchain protocol that eases transference of leading crypto assets including Bitcoin and Ethereum. Moreover, its Gen 2.0 Multi-Party Computation (MPC) provides tier-1 bank security and eliminates the challenges of private key management. Institutional investors can, therefore, secure, settle and access digital liquidity pools and take part in new innovations across the DeFi ecosystem.

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