A new platform called Fusionchain will be launched from assets of digital custody service Qredo after its partial acquisition by a firm linked to investor Dan Tapiero. Fusionchain will be a new venture and receive a new name.
Qredo’s custody platform will continue to operate, and customers will be unaffected by the changes for now. Qredo’s QRDO token will migrate to the Cosmos blockchain when Fusionchain is launched, according to a statement.
TL;DR - $QRDO is transforming into the OG token for upcoming incentives and airdrops of sizzling @cosmos-based projects - a
— QRDO (@QredoNetwork) February 2, 2024
1/ Why the new storyline? Our aim is to provide tokenholders with exposure to multiple cutting-edge Cosmos space projects.
Cosmos is developed and maintained by the Switzerland-based Interchain Foundation. As of December, Cosmos’ Inter-Blockchain Communication Protocol bridge connected 46 blockchains with a combined token value of $13 billion.
Noncustodial digital asset management platform Qredo was acquired through Fusion Labs, which in turn is tied to 10T Holdings and 1RoundTable Partners, the investment funds set up by Tapiero to target late-stage crypto firms.
10T Holdings and 1RoundTable Partners led a reorganization of Qredo and its board of directors in late 2023. According to a document released by the QRDO Foundation, Qredo had been working throughout 2023 on the development of the new protocol. The Fusionchain testnet was unveiled by Qredo in November. Qredo stated at the time:
“With the release of a new chain — Fusionchain — we are opening self custody primitives, letting any third-party developers create independent self custodial applications.”
Former Qredo CEO Duncan Payne-Shelly will become the chief financial officer of Fusion Labs. He was the chief financial officer of Qredo before assuming the top role. Qredo engineering staff will also join Fusionchain.
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Two administrators for Qredo were appointed the day before the company’s acquisition was announced. In English law, administrators are placed in control of insolvent companies to protect their position. Tapiero wrote in a post on LinkedIn on Feb. 2:
“Next stage in the evolution of 1RoundTable Partners (1RT) and 10T Holdings. Never thought we were going to get deeply involved in the operating of our portfolio companies. […] Path ahead for the new (as yet to be named) Qredo/Fusion company will be challenging.”
The two investment companies share many members of their leadership teams. The 10T Holdings portfolio includes shares in a variety of prominent players in the crypto and Web3 space.
Tapiero is also the co-founder of gold sales and storage firm Gold Bullion International.
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