A new platform is set to emerge from the assets of the digital hosting service Qredo, following a partial acquisition by a company associated with investor Dan Tapiero. This new platform, called Fusionchain, will be established as a new business and rebranded accordingly. Qredo's hosting platform will continue its operations, ensuring that customers are not immediately impacted by the changes. The QRDO token from Qredo will be transferred to the Cosmos blockchain when Fusionchain is launched. The Cosmos blockchain, managed by the Swiss Interchain Foundation, has an inter-blockchain communication protocol bridge connecting 46 blockchains with a combined token value of $13 billion as of December.
Qredo, a non-custodial digital asset management platform, was acquired through Fusion Labs, linked to 10T Holdings and 1RoundTable Partners, investment funds founded by Dan Tapiero to focus on late-stage crypto companies. These entities spearheaded the restructuring of Qredo and its board of directors in late 2023. Qredo had been actively working on developing the new protocol throughout the previous year, culminating in the launch of the Fusionchain testnet in November 2023. Former Qredo CEO Duncan Payne-Shelly is set to become the Chief Financial Officer at Fusion Labs, and the engineering staff from Qredo will join Fusionchain.
The acquisition process involved administrators taking control of Qredo under English law to safeguard its position in insolvency. Tapiero expressed on LinkedIn the challenges ahead for the newly formed Qredo/Fusion company, emphasizing the unexpected operational involvement in portfolio companies for 1RoundTable Partners and 10T Holdings. Both investment firms share many members in their leadership teams. The portfolio of 10T Holdings encompasses stocks from major players in the cryptocurrency and Web3 sectors. Tapiero is also recognized as the co-founder of Gold Bullion International, a company specializing in gold sales and storage.
