Fusion Labs Acquires Qredo for New Blockchain Venture

Fusion Labs has acquired digital custody service Qredo and plans to launch a new platform named Fusionchain.

A company associated with investor Dan Tapiero Fusion Labs has partially acquired the digital custody service Qredo and will develop a new platform, Fusionchain using Qredo’s assets. This new business, Fusionchain will be given a new name.

Qredo will continue to use its custody platform, ensuring normal functionality and uninterrupted customer service despite the modifications by Fusion Labs. Following a release, the QRDO token distributed by Qredo will be transferred to the Cosmos blockchain once Fusionchain is operational.

The Interchain Foundation situated in Switzerland, is responsible for developing and maintaining Cosmos. As of December, the Inter-Blockchain Communication Protocol bridge that Cosmos had introduced connected 46 blockchains with a total token value of 13 Billion dollars.

Fusion Labs connected to 10T Holdings and 1RoundTable Partners, the investment funds Tapiero established to target late-stage cryptocurrency companies acquired Qredo, a noncustodial digital asset management platform.

Late in 2023, 10T Holdings and 1RoundTable Partners were the driving forces behind the reorganization of Qredo and its board of directors. Following a document that was made public by the QRDO Foundation, Qredo has been working on the development of the new protocol for the entirety of 2023.

“With the release of a new chain — Fusionchain — we are opening self custody primitives, letting any third-party developers create independent self custodial applications.”

In November, Qredo introduced the Fusionchain testnet to the public. Qredo stated in a press release that it had appointed two administrators for the company the day before announcing its acquisition.

In the legal system of England, administrators take charge of insolvent businesses to save their position. The two investment firms share many members of their respective executive teams, as Tapiero stated in a post he published on LinkedIn on February 2nd.

“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 10T Holdings portfolio of stocks and shares represents several vital participants in the cryptocurrency and Web3 fields. Additionally, Tapiero co-founded Gold Bullion International, a company specializing in selling and storing gold.