Qredo Ltd (07834052): administration
- Status
- Administration ended
- Administration began
- 2024-02-01
- Administrators
- Philip Reynolds, Ian James Corfield
- Administrators' firm
- FRP Advisory
- Incorporated
- 2011-11-03
- Location
- London
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Cash flow / liquidity pressure
- Competition / price pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 3 November 2011 and its principle activity was the building of a cryptographic based digital asset custodial platform. Qredo was acquired by the directors at that time, Anthony Foy and Brian Spector, in December 2018. During 2019 Qredo traded from rented offices at WeWork Liverpool Street, and then from Flat 3, 17-18 Clere Street until relocating to its leasehold office at Myo Liverpool Street, Dashwood House, 69 Old Broad Street, London EC2M 1QS. The Company specialises in software development for blockchain and cryptocurrency users and has continued to build custody and wallet products since its acquisition, with its vision being to develop a decentralised asset management infrastructure and product suite to improve security, access and trust for both institutional and_ individual cryptocurrency investors.
Funding of almost $120m has been received by the Company over the last 5 years, with $60m of Series A funding being secured in February 2022, led by 10T. Strategic investors included well-known names in the market such as Celsius, Deribit, Wintermute and Coinbase Ventures. Whilst the Company was able to successfully source additional funding, it was insubstantial compared to other finance raises by competitors at the same time.
Qredo has developed a platform on which QRDO is the protocol token. Revenue was generated via a servicing fee and the licencing of its intellectual property to Qredo Services Limited (“QSL”), the entity which provides platform access to its customers. In addition, revenue was also generated from a service agreement with Qredo Finance Limited (“QFL”), with services including administration, sales, finance, HR and technical services. Both QSL and QFL are BVI incorporated entities and are not connected to the Company, other than through their trading relationships.
Administrators' statement of proposals (2024-02-19) · Companies House register