Crypto Infrastructure Provider Qredo Slashes Staff, Cuts Annual Expenses by 35% – Bear Market Continues?
Crypto infrastructure provider Qredo has announced plans to reduce staff and expenses as it navigates the challenges posed by the ongoing bear market.
Qredo has let go of approximately 50 employees, including several senior executives, according to three sources familiar with the matter.
Among the executives affected by the job cuts are Qredo's Chief Product Officer, Gabriele Farei, and Chief Information Security Officer, Asen Taskov.
The company expects to save approximately 50% courtesy of the reduction in the workforce.
Qredo's current headcount stands at around 130 employees, according to the sources.
A Qredo spokesperson has reportedly confirmed the layoffs while refraining from providing specific details.
"Due to the prolonged crypto winter, Qredo will be rightsizing to focus on its core protocol and its web3 custody business," the spokesperson said.
Qredo is an MPC-based (multi-party computation) asset custody protocol that addresses the core custody challenges of private key storage and access control while minimizing counterparty risk through a novel implementation of MPC.
The project records ownership of Layer 1 assets on Qredo's Layer 2 blockchain called Qredochain.
Notably, all signatures are secured by a distributed multi-party computation (dMPC) network, as documented on Qredo's official website.
The company generates revenue through transaction fees, which are denominated in its QRDO token.
Additionally, Qredo's dMPC network offers decentralized custody for decentralized assets, claiming to enhance security by fragmenting and distributing customers' private keys across carefully secured data centers.
Founded in 2018, Qredo gained a valuation of $460 million in February 2022 following an $80 million Series A
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