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July 06, 2021 - Nexo, the leading regulated institution for digital assets, has completed a strategic investment in decentralised digital asset infrastructure and technology provider Qredo.
Nexo contributed the funding as part of Qredo’s $16M Private Token Sale, thus becoming one of the company’s leading strategic backers and joining Coinbase, Figment, and Ledger Prime as an investor in the lead-up to Qredo’s upcoming public sale on July 8. The investment stems from Nexo's constant search for new, innovative projects that will transform the digital assets landscape and contribute to the modernisation of financial services.
"The technical insecurity and inefficiency of existing methods of private key management have created very real business limitations", said Anthony Foy, Co-founder and CEO at Qredo. "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 with our 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, Head of Corporate Finance at Nexo.
By offering a novel approach to utility and governance tokens, Qredo is quickly establishing itself as a progressive player in the DeFi space. Nexo intends to leverage Qredo's self-custodial wallets for a number of upcoming applications, thus seamlessly bridging DeFi and CeFi, just weeks after itself tapping into the vast potential of blockchain governance with its first NEXO Governance Vote.
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