Sources said that crypto custody infrastructure provider Qredo is currently in a tight financial situation and has laid off 50% of its staff again. Its financial situation can still be maintained for about six months, after Qredo laid off about 50 employees in September. Additional layoffs continued until the end of last month, and the company now has about 50 employees, down from more than 200 earlier this year.
It is reported that Qredo is actively seeking new funds and exploring strategic merger and acquisition opportunities to maintain survival. Dan Tapiero's 10T Holdings, the lead investor in Qredo's Series A round, is helping with these efforts. (The Block)