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CMS advises Qredo on $80m Series A fundraising

21 February 2022

International law firm CMS has advised Qredo, the decentralized Layer 2 infrastructure for the custody and settlement of digital assets, on its USD $80m Series A fundraising. It is one of the largest Series A fundraising rounds completed to date in crypto and blockchain-related markets and brings Qredo’s valuation to USD $460m.

The fundraise was led by 10T Holdings, the crypto investment firm managed by investors Dan Tapiero, Stan Miroshnik and Michael Dubilier. The round includes a diverse group of strategic investors Coinbase Ventures, Avalanche and Terra, and top tier financial investors Kingsway Capital, HOF Capital, Raptor Group and Golden Tree Asset Management.

Anthony Waller, CMS Corporate partner, comments: “We are delighted to have supported Qredo on its ground-breaking Series A fundraise. With cryptocurrencies and other tokenized assets becoming more and more mainstream, it’s increasingly important that traders have access to secure networks and infrastructure. Qredo’s oversubscribed fundraise is a testament to the significant investor interest in its innovative offering.”

Anthony Foy, CEO at Qredo, comments: “The fact we’ve won support from some of the biggest and smartest investors in crypto is a clear validation of Qredo’s long-term focus and mission. I’d like to thank the CMS team for their fantastic support throughout this process. They played an integral role in this successful outcome and have demonstrated their sound commercial acumen and deep sector knowledge at every stage.”

Qredo’s Series A includes US $60m of primary capital and USD $20m from secondary investors. The funds raised will be used to fuel the next steps of Qredo’s growth. This includes future acquisitions, further development of Qredo functionality for retail users, and facilitating Qredo’s geographic expansion. 

Qredo is a member of CMS equIP, the only international accelerator programme driven by a law firm that is focused on the development and nurturing of tech start-ups worldwide. CMS equIP is designed to give scale-ups and entrepreneurs the tools they need to grow and succeed, offering members access to mentoring, training and industry introductions as well as discounted legal advice to help accelerate their growth potential. 

The CMS team was led Anthony Waller and included Michael Cattell, Philip Walton, Georgia Cherry, Bonnie Ashton, Josh Colby, Graham Muir, Dilpa Raval, David Rivera, Sam Robinson and Duncan Turner.