10T Holdings (“10T”) and 1RoundTable Partners (“1RT”), pioneering growth equity firms focused on the digital asset economy, announced today the acquisition of substantial assets of Qredo Ltd (“Qredo” or “the Company”) through a UK-based entity, Fusion Laboratories Ltd (“Fusion Labs”), and will relaunch these assets in a new venture.
This transaction follows the appointment of Ian James Corfield and Philip David Reynolds as Joint Administrators of the Company on 1 February 2024. The acquisition came after 10T and 1RT led a bridge financing round and a reorganization of the Company late in 2023 under a reconstituted board.
Fusion Lab’s team will focus solely on a new platform seeded at Qredo, called Fusionchain, and next-generation multi-party computation (“MPC”) node technology. The launch of Fusionchain will be accompanied by the migration of the QRDO token to the Cosmos ecosystem, a leading nexus of innovation in the digital asset ecosystem. The token migration will increase utility under revamped tokenomics. Additional information regarding the launch of Fusionchain, the token migration, tokenomics, and strategic plans for Fusion Labs will be communicated in the near future.
Fusion Labs has appointed a new Chief Executive Officer, Randy Little, a Partner of 1RT and 10T, who has extensive software development and crypto business experience. In addition, Duncan Payne-Shelley, the seasoned chief financial officer of Qredo who has been serving as its CEO in recent months, will now serve as the CFO of Fusion Labs. Bringing with them one of the best technology teams in the industry and one that has years of experience working together, Little and Payne-Shelley have hired Jason Losh, Kealan McCusker, Stan Mihaylov, and Chris Morris along with Qredo’s top developers and engineers.
“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,” said Dan Tapiero, CEO, CIO, and Managing Partner of 10T and 1RT, adding, “We look forward to continuing to partner with the talented team at Fusion to drive innovation in the digital asset ecosystem.”
“I am thrilled to work with the Fusion team to fulfill the promise of decentralizing trust in Web3 custody technology with speed and security through the platform begun at Qredo”, said Randy Little, CEO of Fusion Labs. Mr. Little possesses over 25 years of experience in roles at the intersection of technology and financial services. Prior to joining 1RT and 10T, he served as a Managing Director at FT Partners, where he focused exclusively on the digital asset and capital markets fintech sectors. Prior to that, his investment banking experience included J.P. Morgan in the Market Structure, WealthTech, and Quant Trading areas. He also served as an executive at Sun Microsystems before entering the fintech space.
“It has been a privilege to represent this team as CEO as we focused on our evolution with 10T and 1RT,” said former Qredo CEO and current Fusion Labs CFO Duncan Payne-Shelley. “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 will be appointed Chairman of the Board. Joining him on the board will be Tad Smith, a 10T and 1RT Partner, Randy Little, and two independent directors.
In the coming days, the Administrators of Qredo will be communicating with its suppliers, creditors, and employees about next steps. However, a spokesperson for Qredo Services Ltd (“QSL”) confirmed that the Qredo custody platform will remain fully operational until further notice and that customers will be unaffected by these changes for now.
All further questions regarding the Company should be directed to the Administrators via Sam Malloy ℅ FRP Advisory Trading Limited, 110 Cannon Street, London EC4N 6EU, ([email protected]).