Fusionchain takes off from Qredo after the security service is purchased
A new platform called Fusionchain will launch after the digital custody service Qredo buys part of a company linked to investor Dan Tapiro. Fusionchain will be a new venture and will receive a new name.
Qredo's maintenance platform will continue to operate and customers will not be affected by the changes. The Qredo QRDO token will migrate to the Cosmos blockchain when Fusionchain launches, according to a statement.
TL;DR – $QRDO is turning into an OG token for upcoming incentives and climate @cosmos-based projects –
1/ Why is the new storyline necessary? Our aim is to provide token holders with exposure to multiple cosmos space projects.
— QRDO (@QredoNetwork) February 2, 2024
Cosmos is built and maintained by the Swiss-based Interchain Foundation. As of December, the Cosmos IBC bridge connected 46 blockchains with a combined value of $13 billion.
Custodial-based digital asset management platform Qredo was acquired by Fusion Labs, which in turn is affiliated with 10T Holdings and 1RoundTable Partners, an investment fund founded by Tapiero that invests in late-stage crypto firms.
10T Holdings and 1RoundTable Partners led the reorganization of Qredo and its board of directors in late 2023. According to a document released by the QRDO Foundation, Qredo was working on the development of the new protocol in 2023. Fusionchain testnet appeared on Qredo in November. Kerdo said at the time:
“With the release of a new chain – Fusionchain – we're opening the door to self-protection by allowing any third-party developer to create autonomous self-protection applications.”
Former Qredo CEO Duncan Payne-Shelley will become Fusion Labs' Chief Financial Officer (CFO). He was Qredo's CFO before assuming the top role. Qredo's engineering staff will also join Fusionchain.
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Queredo's two administrators were appointed a day before the acquisition was announced. Under English law, administrators exercise control over insolvent companies to preserve the position. In a Feb. 2 post on LinkedIn, Tapero said:
“The next step in the evolution of 1RoundTable Partners (1RT) and 10T Holdings. I never thought we would be so deeply involved in the operations of our portfolio companies. […] The road ahead for the new (as yet unnamed) Qredo/Fusion company will be challenging.
The two investment companies share many members of their management teams. 10T Holdings' portfolio includes shares in various prominent players in the crypto and Web3 space.
Tapero is the founder of Gold Bullion International, a gold trading and storage company.
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