WillItSurvive
Crypto and digital asset companies · absorbed · United Kingdom

Qredo

qredo.com ↗

Defunct decentralized custody firm, entered UK insolvency administration in 2024.

Little protection left
Assessed 21 July 2026 · Evidence as of 21 July 2026
Not much stands between this business and its pressures.
On the recordSince 21 July 2026 · Checkable from ongoing · Every call on the record Checkpoint: FRP Advisory continues UK administration wind-down, creditor claims and final estate distribution
The call

Qredo Ltd. no longer operates, its technology and staff live on inside Zenrock Labs and The Yield Alliance under separate ownership.

Qredo was a company that helped large financial institutions safely store and move cryptocurrency. It ran out of money and stopped operating in February 2024. A much larger competitor called Fireblocks won the market by having more customers, more money flowing through its system, and better execution, not because of artificial intelligence. If your paperwork says 'Qredo Ltd.,' your equity is probably worthless since that company is dead; if it says 'Zenrock Labs' or 'The Yield Alliance' instead, those are completely different companies that need to be checked separately to see if they have real funding and customers.

Why
01
AI pressure: None apparent. Qredo Ltd. has no operations left for AI to disrupt, the company stopped functioning before AI became a relevant factor. Could AI do the core job? Yes, likely.
02
Bigger players: Fireblocks. Fireblocks scaled past $10T in secured transfers and thousands of institutional clients while Qredo collapsed into administration. Could a giant copy it? Yes, easily.
03
What protects it. None apparent, the original company and its equity ceased to exist in February 2024.
What would change this call
FRP Advisory publishes final creditor distribution report on Qredo Ltd.'s estate. Confirms Qredo Ltd. is fully wound down with no residual equity value.
Zenrock Labs mainnet and $ROCK token activity (zrChain, EigenLayer integration) reported in crypto press. Shows successor entity's traction is separate from and does not restore Qredo Ltd.
The Yield Alliance ($LVVA/OPEN) announces further token mergers or delistings. Indicates whether the OPEN token complex is consolidating or shrinking further.
Key numbers
  • Entered UK administration Feb 1, 2024 (2024-02-01)
  • 44 staff laid off, 23 moved to Fusion Labs (2024-02-02)
  • Raised $80M Series A at $460M valuation (2022-02)
Named risks
  • Qredo Ltd. is in UK insolvency administration; original equity is likely worthless. Severity: high
  • Residual creditor claims or litigation could surface from the ongoing wind-down. Severity: medium
  • Entity confusion between Qredo, Zenrock Labs, and The Yield Alliance could mislead prospective joiners or investors. Severity: medium
  • Small-cap token complex (OPEN/LVVA) faces volatility, further mergers, or delistings. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Fireblockslosing toFireblocks reported >$10T cumulative secured transfers and 2,000+ institutional clients by 2026, vs Qredo's collapse Feb 2024
BitGolosing toBitGo listed on NYSE January 2026 while Qredo Ltd. remained defunct in administration
Anchorage Digitallosing toUS OCC-chartered digital-asset bank continued operating while Qredo entered administration Feb 2024
Zenrock LabscontestingSuccessor entity formed April 2024 from Qredo's acquired assets, operates as separate competitor with own cap table
Questions people ask
Is Qredo still operating in 2026?
No. Qredo Ltd. entered UK insolvency administration on 1 February 2024 and ceased as a going concern. Its assets were acquired by Fusion Labs, later renamed Zenrock Labs, while the QRDO token continued separately under The Yield Alliance ($LVVA) formed 7 March 2025.
Who owns Qredo now?
Qredo Ltd. is in UK insolvency administration since 1 February 2024. Its technology and 23 engineers moved to Fusion Laboratories Ltd., which was renamed Zenrock Labs in April 2024, a separate company with its own cap table, per PRNewswire's 2 February 2024 acquisition announcement.
Could AI replace Qredo's custody technology?
Qredo itself no longer operates to be replaced, having entered administration on 1 February 2024. Its policy-based transaction approval and fraud-detection style workflows are AI-automatable, but better-funded incumbents like Fireblocks, not AI models directly, are what defeated Qredo competitively before any AI replacement question arose.
Who is Qredo's biggest competitor?
Fireblocks was the dominant incumbent that outscaled Qredo, reporting over $10 trillion in cumulative secured transfers and 2,000-plus institutional clients, plus a payments network settling over $70 billion per month by 2026, according to Fireblocks' own 2026 reporting.
Did Qredo raise a lot of funding before it failed?
Yes. Qredo raised an $80 million Series A led by 10T Holdings in February 2022 at a $460 million valuation, with backers including Coinbase Ventures, Avalanche and Terra, per Qredo's own announcement. Total funding across all rounds reached an estimated $91 to $108.5 million before its February 2024 collapse.
What happened to Qredo's employees and product after the shutdown?
Around 44 Qredo staff were laid off during the 1 February 2024 administration, with only 23 transferring to Fusion Labs per The Block's 2 February 2024 report. The dMPC custody technology continued under Zenrock Labs (renamed April 2024), a Cosmos-based protocol with its own $ROCK token, unrelated to Qredo's original equity.
Timeline
  • 2025-03-07OPEN token merges with Levva Protocol to form The Yield Alliance ($LVVA)
  • 2024-08-21Zenrock Labs launches decentralized custody offering, Cosmos-based dMPC with $ROCK token
  • 2024-04-29QRDO token rebranded to OPEN (Open Custody Protocol)
  • 2024-04-08Fusion Labs renamed to Zenrock Labs, Cayman Zenrock Foundation established
  • 2024-02-02Fusion Labs announces acquisition of Qredo assets; ~44 staff cut, 23 transferred
  • 2024-02-01Qredo Ltd. enters UK insolvency administration
  • 2022-07Qredo acquires Xena Exchange tech and team
  • 2022-02Qredo closes $80M Series A led by 10T Holdings at $460M valuation
  • 2021-10Qredo integrates with MetaMask Institutional
  • 2018Qredo founded by Anthony Foy and Brian Spector in London
Revision history
21 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
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