just now
February 02, 2024 - Fusion Laboratories Ltd ("Fusion Labs"), powered by growth equity firms 10T Holdings ("10T") and 1RoundTable Partners ("1RT"), has announced the acquisition of substantial assets from Qredo Ltd ("Qredo"). Following the appointment of Joint Administrators for Qredo on February 1, 2024, Fusion Labs will reinitiate these assets in a novel venture.
The transaction, resulting from a bridge financing round and Company reorganisation led by 10T and 1RT, has culminated in the establishment of Fusionchain, a platform initially seeded at Qredo, and a focus on advancing multi-party computation ("MPC") node technology. Fusionchain's introduction will include transferring the QRDO token to the Cosmos ecosystem, anticipated to augment token utility through revised tokenomics.
Randy Little, newly appointed CEO of Fusion Labs and Partner of 1RT and 10T, brings a wealth of experience from the software development and crypto business sectors. Duncan Payne-Shelley, previously Qredo’s CEO and now appointed CFO of Fusion Labs, joins Little in leading a top-tier technology team with extensive industry experience. Jason Losh, Kealan McCusker, Stan Mihaylov, and Chris Morris, along with prime developers and engineers from Qredo, will continue their work at Fusion Labs.
Dan Tapiero, CEO, CIO, and Managing Partner of 10T and 1RT
"We remain steadfast in our support of the Fusion team and believe the acquired Qredo platform remains one of the most advanced in the industry," Dan Tapiero, CEO, CIO, and Managing Partner of 10T and 1RT, shared his optimism about the acquisition and the path ahead. "We look forward to continuing to partner with the talented team at Fusion to drive innovation in the digital asset ecosystem."
Randy Little, CEO of Fusion Labs
"I am thrilled to work with the Fusion team to fulfil the promise of decentralising trust in Web3 custody technology with speed and security through the platform begun at Qredo," stated Randy Little, emphasising his vision for Fusion Labs. Little's extensive background includes a tenure as Managing Director at FT Partners and significant roles at J.P. Morgan and Sun Microsystems.
Duncan Payne-Shelley, former Qredo CEO and current Fusion Labs CFO
"It has been a privilege to represent this team as CEO as we focused on our evolution with 10T and 1RT," Duncan Payne-Shelley reflected on his journey from Qredo CEO to his new role as CFO at Fusion Labs. "I am thrilled to now work alongside that team as CFO in support of Randy and deliver on the opportunities ahead of us."
Dan Tapiero is set to become Chairman of the Board at Fusion Labs, with Tad Smith, Randy Little, and two independent directors joining him.
The Administrators of Qredo will be in contact with the Company's suppliers, creditors, and employees regarding subsequent steps. Meanwhile, a spokesperson for Qredo Services Ltd ("QSL") has confirmed the ongoing operational status of the Qredo custody platform, ensuring that customers remain unaffected for the time being.
Questions regarding Qredo should be directed to the Administrators via Sam Malloy at FRP Advisory Trading Limited, with contact details provided in the release.
Fusion Labs is the developer of Fusionchain and next-generation multi-party computation MPC node technology. A seasoned team of blockchain engineers and cryptographers is driven by a mission of decentralizing trust in Web3 custody to accelerate growth and innovation in the broader DAE.
For further information about Fusion Labs and its developments, please visit the respective websites for 1RoundTable Partners at www.1rtfund.com and 10T Holdings at www.10tfund.com.
