– Crypto infrastructure provider Qredo is reducing staff and expenses due to the bear market
– Qredo has laid off approximately 50 employees, including senior executives
– The company expects to save about 50% with this workforce reduction
– Qredo is an MPC-based asset custody protocol that addresses private key storage and access control challenges
– The company’s headcount currently stands at around 130 employees
– Qredo generates revenue through transaction fees denominated in its QRDO token
– The decision to implement job cuts aligns with the broader bearish market conditions in the crypto industry
– Several other crypto firms, including Coinbase, have also experienced layoffs in recent times.
Crypto infrastructure provider Qredo is reducing staff and expenses in response to the ongoing bear market. The company has laid off about 50 employees, including senior executives, in an effort to save approximately 50% of its expenses. Qredo’s spokesperson confirmed the layoffs but did not provide specific details. The company plans to focus on its core protocol and web3 custody business amidst the prolonged crypto winter. Qredo is an MPC-based asset custody protocol that addresses the challenges of private key storage and access control. The company generates revenue through transaction fees denominated in its QRDO token. Qredo gained a valuation of $460 million in February 2022 and has raised approximately $94 million in total venture capital funding. This decision to downsize aligns with other crypto firms that have also implemented layoffs due to the bearish market conditions. Coinbase, for example, has laid off employees in multiple rounds to trim costs and weather the crypto winter. Many other major crypto exchanges have also announced layoffs.
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