PANews reported on November 2 that The Block quoted four people familiar with the matter as saying that Qredo, a crypto custody infrastructure provider, has laid off 50% of its employees again, and its financial situation can still be maintained for about six months. Qredo had previously laid off about 50 employees in September this year. The company currently has about 50 employees, compared with more than 200 at the beginning of the year.

Two people familiar with the matter said Qredo is actively seeking new financing and exploring strategic M&A opportunities to survive. 10T Holdings, the main investor in Qredo's Series A financing, is providing help. A Qredo spokesperson said that due to the prolonged crypto winter, Qredo chose to reduce the scale of its business to focus on core businesses such as Web 3 wallets and custody solutions.

Founded in 2018, Qredo has raised about $94 million in venture capital funding. It completed an $80 million Series A financing last year at a valuation of $460 million. In July 2021, the company also raised $35 million through the QRDO token sale. Qredo's venture investors include Coinbase Ventures, Avalanche Kingsway Capital, and GoldenTree Asset Management.