Qredo ARS featured



The digital assets industry is fast-growing. There is a developing tendency for established institutions to participate in it, as well. as the need for custody of digital assets has accompanied the growth of digital assets as a whole, an area in which Qredo aims to specialize.

Nevertheless, unlike in Traditional Finance (TradFi), the safekeeping of digital assets is a novel challenge. In the past, many centralized parties have ventured into this emerging segment. However, there are trade-offs to be made when an investor uses safekeeping services.

In the recent past, a concept predominantly confined to Academia found its way into the digital asset realm. This technology is called Multi-party Computation (MPC). MPC enables several parties to jointly perform computation while still keeping the private inputs secret. This character, essentially, is the solution to one of the major pains in the digital assets space: Key Management. MPC is now the primary selling proposition for several custody providers.

Qredo Network joined the fray as a decentralized custody services provider. They are the first project to offer a Consensus-Driven Multi-Party Computation solution. Qredo’s Layer-2 blockchain is based on the Tendermint protocol, with their communications layer based on the Matrix open network. Their token is of the ERC-20 standard. Qredo aims to decentralize its network governance progressively.

The team possesses relevant experience in multiple disciplines. They earned the backing of a robust set of strategic partners, including several Venture Capital firms.

However, at the current early stages, the project is far from being decentralized. It may be operating in a regulatory grey area due to custodial services providers falling under the VASP definition (more information below).

Our researchers gave Qredo a final rating of 55.80%. The breakdown of this rating is available at the end of this report.


Qredo is a decentralized custodian who facilitates other essential blockchain features like cross-platform liquidity, interoperability, and faster cross-chain settlement.  Qredo, a Layer-2 protocol based on Tendermint, also features a Layer-3 decentralized communications platform (based on Matrix, a decentralized messaging protocol).  One of the salient underlying features of Qredo is the use of Consensus-Driven Multi-Party Computation (CD-MPC) to provide asset security. Qredo’s blockchain is a Proof-of-Stake (PoS) chain. The project aims to decentralize the governance of its network progressively.


Qredo Network architecture 01

Qredo’s Network Architecture. Source: Token Paper


Qredo Network aims to offer the following key features:

  • Institutional-grade security and controls.
  • Cross-platform credit and liquidity.
  • Cross-chain atomic swaps and settlements.
  • Progressively decentralized governance and compliance.
  • Interoperability in an open-source way.


Credo Core Technology Pillars

Core Technology Pillars of the Qredo Network. Source: Litepaper.


Qredo tries to improve upon the existing solutions in the digital assets custody space. Digital assets custody is a segment dominated by centralized players who may not necessarily offer deep liquidity and capital efficiency (locked-up capital) in a quickly evolving industry. Therefore, users have a trade-off between safety and liquidity, whereby they have to switch between hot and cold wallets. Trusted entities are also exposed to the risk of becoming a single point of failure and subject to censorship. Interestingly, Qredo could become a complementary offering for predominant centralized players (custodial services) rather than a competitor. There is a growing tendency for trusted players to migrate to Multi-Party Computation (MPC) technology.

Qredo introduces other functionalities (e.g., cross-chain credit, liquidity, swaps, and settlement) enhanced with the security of MPC. This represents another improvement upon the market’s current status.

However, the network needs to be fully functional to realize the key benefits promised.

McCusker, K, and Spector, B. published a Yellow Paper in 2020. The paper lays out the architecture of the Qredo Network. Qredo has also published Medium articles to explain the MPC technology.

There are several patents assigned to Qredo Ltd as per public records. They are showcased as Digital Asset Delivery Network (application no. 17/085,687), Distributed Ledger Payments Platform for Telecoms (application no. 16/415,113), and System and Method for Securing Digital Assets (application nos. 16/410,656 and 16/410,703).

Qredo filling patents


Filing for patents may be considered against the ethos of a project aiming to be an open-source, decentralized project.


Qredo problem identification

Problem identification. Source: Litepaper.


Secure Key Management is a challenging task for even the most sophisticated practitioner. The prevalent digital asset custody solutions in use are 1) self-custody, 2) exchange wallets, 3) third-party wallets and custodians. These options are, for different reasons, problematic to end-users. For instance, self-custody is challenging when it comes to digital assets. Even the improved versions like multi-signature or threshold signature schemes may present drawbacks. Exchange wallets and third-party custodians are trusted parties exposing clients to counterparty risk. The DeFi for Institutions Insight Report published by Consensys identifies several needs and challenges common to all institutional investors irrespective of their size. The Report conceptualizes such needs and challenges by way of a pyramid. At the base of this pyramid lies security, which is the need for safe custody. Qredo could address these concerns with the help of CD-MPC.

Qredo institutional investors needs pyramyd

Institutional investors’ needs in DeFi. Source: DeFi for institutions, Insight Report. By Consensys. July 2021.


The product offers several use cases to different types of users. The six types of users on Qredo Network are 1) market makers, 2) validators, 3) traders, 4) custody users, 5) liquidity providers and 6) borrowers.


Qredo is rearchitecting digital asset ownership and blockchain connectivity for a multichain world; a radical new approach to bring liquidity and capital efficiency to the blockchain economy.


To build a decentralized infrastructure for pioneers and visionaries, creating an open network that works for everyone.

Success Factors

Our research identified below success factors upon which the success of the project would hinge:

  • Well-funded and partnered with industry-leading players.
  • The first platform to introduce decentralized custody and transaction mining.
  • Offer multiple benefits to users. E.g., power of MPC tech, Capital efficiency, reduced settlement risks, no account pre-funding (e.g., centralized exchanges can sync their order book), cross-chain transactions, Hardware-hardened blockchain, atomic swaps, and scalability.
  • Multiple-use cases and can be complementary to both centralized and decentralized players.
  • DeFi connectivity to institutional players.
  • Can offer compliance and governance workflows to institutions (e.g., Travel Rule)


Market Conditions

Safekeeping digital assets is a complex challenge in comparison to traditional assets. As a result, a lack of acceptable custody solutions could hinder the progress of this industry.

In June 2020, Deloitte and the Dubai Financial Services Authority published a report highlighting some of the critical reasons why the custody of digital assets is becoming crucial. Some key takeaways of this report were that security, operational efficiency, and reduced risk are critical factors to investors. The increasing demand for digital assets custody is also reflected in the Office of the Comptroller of the Currency’s (OCC) Interpretive Letter 1170, by which the OCC permits US national banks to provide custody services for crypto assets.

The global crypto market capitalization is currently at $1.98 trillion. However, as depicted by the Bitcoin Treasuries Initiative, Bitcoin treasury holdings are presently at about $75 billion (only about 9% of the Bitcoin market cap).

According to the latest available data, approximately $182 billion worth of Assets under Custody (AuC) were among the top three custody providers.

Qredo assets custody


Increased M&A activity also provides evidence of growth in this market. For example, Galaxy Digital recently acquired BitGo for ~$1.2 billion in a cash-and-stock deal. PayPal acquired Curv for an undisclosed amount. Data also suggests that digital assets custody providers have raised over $900 million in funding so far

Qredo History of fund raising

Gnosis Safe, a smart-contract wallet facilitating self-custody, currently secures over $52 billion in assets. This also signals the growing demand for decentralized solutions to assets custody. Follow this link to get the latest statistics.


The competitive landscape for Qredo is complex. The main reason for this complexity is that Qredo is not just a pure-play custody provider. They also bundle several other offers together, namely a cross-chain protocol, a DeFi platform (lending, asset swaps), a decentralized trading venue (RFQ trading), and minting synthetic assets (qTokens).

Custody Solutions

By and large, a variety of players offer custody for digital assets. They range from anyone running their infrastructure (e.g., Bitcoin node), wallets, exchanges, etc. to institutional custody players. The third-party custody business started growing to cater to the growing demand in the institutional investor segment. Institutional opportunities in the Decentralized Finance (DeFi) space are rising. Consensys has designed products to allow institutions to tap into DeFi opportunities. One such product, MetaMask’s Institutional wallet, enables the secure and compliant deployment of capital into DeFi. An emerging development to note is that MPC is becoming an increasingly popular concept. Several players offering MPC solutions have emerged over a short period of time. The competition is intense in the third-party custody space. As per this Consensys article, some centralized players are also using MPC in some form or fashion.

Qredo Competitive Landscape

The competition among cross-chain protocols is very high. However, Qredo differentiates itself from the rest with its custody offering.


Qredo Competition

Competition. Source: Litepaper

How is the project different from its competitors?

Qredo is one of the two players offering decentralized custody solutions. It claims that their MPC is currently the world’s only consensus-driven MPC.

Their identified Unique Selling Propositions (USPs) are:

  • Security of decentralization.
  • Cross-chain interoperability.

Automated trading and execution security (security from front-running, Maximum Extractable Value (MEV) disruption).



The project is built on open-source protocols like Tendermint, Apache Milagro libraries, and Matrix. Qredo appoints itself, on its homepage, as “a proud contributor to the open-source community.” It is also mentioned that the cryptography powering its multi-party computation (MPC) is open-source and open to public scrutiny. However, at present, Qredo’s development is done completely in-house. Their long-term plan is to create a fully open-source environment. Qredo also calls itself “supported by a full SDK and API Library that enable anyone to build Dapps powered by the network.” As discussed in the Whitepaper, their choice of L2/L3 and integration libraries intends to provide a foundation for developers to create standalone applications. Nonetheless, it is worth mentioning that Qredo Ltd holds significant intellectual property.

Qredo Network architecture 02

Qredo Network Architecture. Source: Litepaper


According to the Litepaper, Qredo has already launched the v1.0 of its decentralized custody protocol on a Mainnet. Qredo’s v1.0 is deployed on six validator nodes, indicating that the project is far from being decentralized. Qredo’s v2 development is underway.

Qredo RoadmapCompleted tasks from the roadmap. Source: Litepaper.


Qredo has developed its blockchain using Tendermint as their Proof-of-Stake consensus protocol. Tendermint is one of the earliest and widely used protocols.

Moreover, the Qredo network makes use of multiple cryptographic primitives and open-source protocols. The critical component of their technology is the Consensus-Driven Multi-Party Computation (CD-MPC) protocol. MPC Nodes run crypto code from Apache Milagro, and the devices are physically isolated and run on Hardware Security Modules HSMs (FIPS 140 – 2/3 and Secure Elements). MPC is considered superior over other signature schemes, which are, in most cases, centralized. However, practical usage of MPC in a digital assets setting still needs time since it’s a novel concept.

The blockchain client software, Qredo Core Client, is open-sourced from Apache Milagro. (Note: Apache Milagro is currently a project in incubation).

Qredo’s communication layer utilizes Matrix, an open network for secure, decentralized communication.

The NCC Group reviewed Qredo’s Apache Milagro MPC library. NCC’s audit found two low-risk issues and one informational risk in their MPC library. They fixed these issues as per the report. Quantstamp conducted a smart-contract audit for Qredo Token. They found two low-risk issues (one since resolved and the other acknowledged) and two informational risk issues (one resolved and the other acknowledged). This audit did not find any significant risks. It is worth mentioning here that Quantstamp is an investor in Qredo’s Seed Round.

Two more audits are underway by Trail of Bits and Marsh McLennan. A Telegram chat confirms that these entities are conducting code audits of the protocol. They have disclosed on the website that Zokyo has conducted a Penetration Test on Qredo, the report of which was not available to the public.

Tendermint-based PoS networks are scalable, as shown in earlier research work. Ethan Buchman did some pioneering research on Tendermint. It is also one of the widely used protocols by projects like Cosmos. However, caution is required, especially to avoid unnecessary bugs or vulnerabilities in the future.

Qredo’s structure involves the use of specific hardware to achieve security. Such specific requirements could be a hurdle to achieving scalability. As revealed in the project’s Telegram channel, this is an area the team is still deliberating on.

Qredo chat specific hardware


Qredo aims to decentralize the digital assets custody market. By design, the MPC cluster is expected to interact with the blockchain’s validators. Moreover, apart from being a custody provider, they are targeting to offer several other services. All of this along with planning to migrate to a decentralized governance model on the blockchain.

That said, MPC-based security could be achieved via a distributed mechanism with the help of cryptographic primitives and distributed secure hardware implementations. Many centralized parties are already doing it.

Consensus Mechanism

Qredo is a Delegated Proof-of-Stake blockchain (DPoS). They have chosen to implement a BFT-based consensus engine using the Tendermint protocol —network consensus achieved via a group of blockchain validator nodes. Validators have to stake Qredo’s native token QRDO (ERC-20) to be able to vote. Any QRDO holder can opt to stake their tokens with any validator of their choice. Each validator’s voting power is directly proportional to their QRDO holdings (including staked tokens). On the negative side, DPoS structures like this may be vulnerable to voting power concentration.  For example, there have been reports that DPoS centralization was a pivotal contributor to TRON’s Steemit acquisition. Despite this, there have been no such high-profile compromises reported.

Another critical element in the Qredo network is its Consensus-Driven Multi-Party Computation (CD-MPC) mechanism. The MPC is a Threshold Signature Scheme (TSS). MPC nodes sign transactions via a consensus-driven workflow. Hence there is no centralized private key storage. They achieve trustlessness via the MPC-secured custodial network.

Qredo node or service functionsNode or Service Functions. Source: Qredo Docs


The project’s roadmap is quite basic, showing which features are already in operation and the goals for the second half of 2021 and the first half of 2022.

Qredo roadmap 02Qredo roadmap. Source: Litepaper


Most members of the Qredo team were involved in successful ventures in the past. The management team brings experience fundraising for tech startups, managing and growing global projects, and more specifically, bringing research ideas to life. MIRACL is one such project that the team has transformed from a research idea to a commercial venture.

It’s noteworthy that most team members have previously worked together on other successful ventures.

Following is a brief account of the project’s core management team.

CEO Anthony Foy, is a serial entrepreneur with 20+ years of experience in VC-backed companies. He has invested and provided strategic managerial support to several entities, including CloudSigma, Workshare, and SkyDox.

Brian Spector, CPTO, is a cybersecurity expert with 20+ years of experience. He also specializes in advanced cryptography. He had early careers in Sales and Business Development with several firms. In 2011, Brian founded MIRACL to productize the cryptographic research ideas of Dr Mike Scott. He also created Apache Milagro. He co-authored five cryptographic patents in the US and UK.

Kealan McCusker is the Chief Cryptographer at Qredo. He holds a PhD in Cryptography and has a background in teaching and research. Immediately before accepting his current role at Qredo, he was the Chief Cryptography Architect at MIRACL for 6+ years.


Anthony St John, Board Chairman, is a Crossbencher elected to the UK House of Lords and has experience in corporate governance. He currently functions as Chairman and Director of several companies. Some of these companies are Strand Hanson, FarmaTrust, Falcon Group, and Albion Capital Group. His Wikipedia profile points to other entities that he was associated with in the past.

Dr. Theodosis Mourouzis is an accomplished academic in the area of cryptography. He’s an alumnus of both University of Cambridge (BA, Masters) and UCL (Masters, PhD). Dr Theodosis represents many academic and industry bodies. The European Commission consults him on Blockchain and DLT. Apart from that, he is also a partner and MD at Electi Consulting. He functions as the Algorithms Advisor to Pollen DAO. At Qredo, he advises on cryptography design.

Qredo disclosure: common advisors

Dr Michael Scott is an applied cryptographer, inventor, consultant, and software developer. His contributions to academic literature are widely acknowledged (link to Google Scholars). He is the Chief Cryptographer at MIRACL.

General Comments on the Team & Advisors

The advisors can add value specifically in blockchain, DLT, cryptography, algorithmic design, and incentive designs. However, at this point, it remains unclear the relevance of the Board Chairman’s political exposure in the UK.

During the review period, our reviewers did not find any evidence of publicly known controversial projects that team members have been involved in.



Qredo Limited is a UK-registered entity that handles the early-stage project incubation for Qredo Network (registered number 7834052). The UK ranked fifth, scoring 6.06 out of 10, in the Crypto-Ready Index 2021.

Public records show that there are several Qredo entities. Qredo Finance Limited is a BVI entity that issued the project documentation. A Telegram conversation confirms that Qredo Finance Ltd also deals with the equity side of the project. Qredo Services Ltd is also a BVI company. The role of this company is unclear.

Qredo is not registered with or licensed by any financial regulatory authority.

Progressive Decentralization

Qredo plans to progressively move to a community-governed, fully decentralized DAO model (Source: Litepaper, page 4). This strategy is considered a best practice, as discussed in this Article by a16z. Qredo’s path to decentralization ties it to different stages of its launch plan:

v1.0 Mainnet: Qredo Ltd is the sole operator of the decentralized architecture. It includes six validators across different geographies.

v2.0 test-net: Qredo will move into a federated model. A curated set of third-party validators will be operating validator nodes.

Early 2022 and beyond: Third-party validators can grow towards complete decentralization subject to operational tests, and security review findings are low to informational.

The community will encompass one model based on one vote per QRDO token. Voting smart contracts will be deployed on the Ethereum blockchain. The DAO’s smart contract will define the rules and the group’s treasury. Contract audits are pending.

Qredo path for decentralized governance

Planned path to decentralized governance. Source: Litepaper


There are no publicly available contracts or agreement documents, but Qredo Network has partnered/become a member of several entities.

  • CoinList: Qredo leveraged CoinList’s platform to conduct its public sale of QRDO tokens successfully, and
  • MPC Alliance: Qredo is a member of the MPC Alliance, an industry body that aims to accelerate the adoption of MPC technology.

The project has established meaningful partnerships with several parties. These partners represent a cross-section of players in the industry. The key here is that they are “investor-and-customer” type partnerships. In essence, it’s an excellent opportunity for Qredo to understand and practically implement different use cases before a full-fledged launch of its network to the public.

Qredo strategic investors and customers

Qredo also entered into a strategic partnership with HedgeGuard, an investment management software provider and middle-office outsourcing firm. This partnership could allow them to access a wide range of market participants in crypto and traditional finance.

There is a series of interviews with the project’s partners in Qredo’s YouTube channel here.

Qredo’s seed investors are a prominent group of blockchain investment funds such as Kenetic, Spartan, Borderless Capital, Signum Capital and 1kx.

Legal Advisors

Benjamin Whitby deals with regulatory affairs at Qredo. He has a compliance background and in the past, worked for PwC, HSBC, and Monolith. His other current roles include Compliance at Terella, DeFi Advisor to Pollen, Compliance Advisor to Moneyfold and Advisor to Attestant.

Qredo’s COO, Josh Goodbody, although not directly responsible for legal matters, could be expected to add value with his qualifications and experience. He obtained an LLB from UCL and Derecho Law from UC3M. He held the roles of Legal Counsel at State Street, Head of Legal & Regulatory Affairs at Autilla.


The project conducted its public token sale on CoinList. Participants in the Offer had to register and go through CoinList’s KYC procedure. As per the Legal disclaimers on the announcement, the offer was not available for residents and citizens of the United States, China, Canada and certain restricted jurisdictions.

Token Classification

QRDO token identifies as a utility and governance token for the Qredo Network. QRDO tokens are not registered with any financial regulatory authority (Source: Litepaper).

There are disclaimers to restrict information to the USA, China, and any Restricted Jurisdiction.

The corporate website carries Terms of Use and Privacy Policy statements including reference to relevant GDPR clauses.

Legal/Compliance Risks

We have identified one area which presents certain legal/compliance risks to the project:

  • Given the nature of the services offered by Qredo Network, there is a likelihood for them to qualify as an entity coming under the regulatory or enforcement umbrella. The possibility is that they might be eligible as a Virtual Assets Service Provider (VASP). Custodians are coming under the VASP category as per FATF definitions.

Token Offering

The total supply of QRDO tokens is hard-capped at two billion.

One billion tokens are set aside for a group of stakeholders, as per the graph below. These tokens will be vested over varying timelines, as discussed in the report. The second billion will be released over 50 years as inflationary emission, starting from v2.0 of the protocol.

Qredo token distribution

Token distribution table. Source: CoinList


The initial circulating supply is estimated to be around 109.3 million tokens (~11% of the total supply). Initial Circulating Supply constitutes the tokens sold under Option 1 of the Public Offering, as well as the Ecosystem allocation (estimated unlocked number of tokens), advisors allocation, and Initial Validator holdings (theoretically).

The project has allocated 11% (110 million QRDO tokens) for the ecosystem. However, they have not stated clearly how the funds will be divided among their different areas, including marketing.

The project has been transparent on disclosing the funds raised from the three funding rounds. They were also transparent about the investors who participated in the Seed round and the Private Sale. However, the names of the investors in the Pre-Seed funding round are unknown. Its unclear whether these investors came in as equity holders in Qredo Ltd or invested in QRDO tokens. As a result, it is not easy to map the different investment rounds to the token allocation table. D-CORE attempted to do an analysis based on the available information and under certain assumptions. The results of this analysis can be found in the table below.

Qredo investor token allocations

Team tokens are locked for 12 months and afterwards vested over two years.


Qredo’s public sale (under two options) was completed in July. Both options received overwhelming support from the CoinList investor base and subscribed fully.

The project has raised approximately $47 million so far. Based on the table –History of Fundraising, Qredo could be considered the fifth largest custody startup fundraise so far. In comparison, Qredo’s quantum of fundraising seems reasonable.

Future funding requirements, if they were to occur, might come out of the DAO Treasury.


The QRDO token is inflationary (subject to its hard cap). There is an inflation rewards scheme paid out of an emission pool of one billion tokens. The inflation rate is yet to be finalized by the team. At this stage, four parties are eligible to receive rewards. Namely, they are traders (20%), custody users (10%), market makers (20%), and validators (50%).

Note: The Qredo Distribution of 10% is permanently locked as per the vesting table. However, the token release schedule shows that this segment is released starting roughly after 12 months.

Qredo token release schedule

Token release schedule. Course: CoinList


There is a token lock and a vesting schedule as depicted below. As per the table, starting in six months from 8 September 2021, there will be tokens vested regularly. There are 100 million tokens (10%) that are locked permanently.

One potential weak point in the QRDO token allocation is that the public/community allocation is minimal. A possible unfavorable consequence of this strategy is that the token holdings and voting power would be concentrated for an extended period. A substantially low public holding might also cause unhealthy price movements in the public market as a proportionately higher number of tokens are unlocked over time.

There seems to be no logic behind the 10% tokens locked forever. A Telegram conversation confirms that this allocation is to facilitate the first set of validators.

Qredo Token vesting and cliff

Token vesting and cliff. Source: CoinList


There are indications of a slashing mechanism for misbehaving validators. However, at this stage, there is no further information available on the exact mechanics for this.

Supply and Demand Dynamics

The future token supply depends on several factors:

Vesting and Cliff schedule: The first 12 months’ supply remains low due to the Cliff in place. Then the supply increases as more tokens unlock—a negative for the future market price of QRDO.

Inflation rewards: The exact parameters of the inflation-based reward mechanism are unknown at this point. The key parameters to watch are i) inflation rate, ii) reward payment cycle and iii) any restrictions attached to such tokens (i.e., locked or not). This could be another negative for QRDO’s future price.

Fee-based rewards: Qredo’s protocol charges fees in two ways. Monthly custody fees on Assets under Custody (0.75 bps) and transaction fees (0.5 bps). These fees are then distributed to validators and the DAO. Payments will be denominated in QRDO, to be immediately unlocked. The rate of rewards paid is directly proportional to the platform’s adoption rate. The entry of these QRDO to the market might be a price negative.

Loan Pool payments: LPs receive 90% of the interest earned on the Loan Pool. This balance is paid equally to validators and the DAO. The payment currency could be L1 currency or QRDO. The entry of these QRDO to the market might be another price negative.

On the demand side, the total supply of tokens is finite at 2 billion (1 billion pre-mined).

The fees earned by the protocol primarily come in an L1 currency, which the protocol would exchange for QRDO. Market makers are therefore required to possess enough QRDO to fulfil this demand. Continuous demand pressure is positive for market price. However, a higher rate of adoption is required for this demand to be sizable enough.

Depending on the APY earned from staking, there may be more demand from validators/stakers. A higher total percentage staked means lower circulating supply and could be a price positive, and vice versa. There is no lock-up period for staking, meaning that a market price rise might get crushed as validators/stakers cash out.


The project Twitter account has just over 10k followers, and is active, with regular tweets. The best channel to communicate with Qredo is via Telegram. Although the management team is not interacting with the community on Telegram, the admins assist with any queries.  The project Telegram channel has 8,279 members.  There is an announcements channel as well.

Qredo’s LinkedIn page has 1,455 followers. It is an active channel.  Their discord channel (1,727 members) is also fairly active. They are also present on Twitch.

The project has its own YouTube channel with 262 subscribers and 9.6k views. These are not significant statistics. Several other channels have featured the project. Among them, the following interviews are notable,

  • MikoBits Bitcoin Blockchain and DeFi Show was an exciting discussion.
  • Real Vision Crypto.

The project is present on most social media platforms. However, still, the followership is not large enough in comparison to most other projects.

During the public sale period, Qredo gained a lot of attention.

  • ICODrops gave Qredo a High-Interest score. Cryptototem gave it a rating of 8.7.
  • As per CryptoRank.io, Qredo was one of the top 20 most visited coins in the 30 days prior to 28 July 2021.

The CoinList public issuance was a milestone for the project in that 30k+ investors took part. CoinList published several articles about Qredo as well. 470k registrants have shown interest as per CoinList’s announcement. CoinList’s Twitter handle is followed by over 128k followers.

The advisors are not explicitly promoting the project on their social media profiles. The public profiles of Dr Mike Scott and Anthony St. John, the cryptography advisor and the Chairman, on LinkedIn, do not mention any affiliation with Qredo. Dr Theodosis, however, engages with Qredo’s updates on LinkedIn.

The advisors and team members have a significant following, mainly on LinkedIn. Notably,

  • Dr Theodosis Mourouzis – LinkedIn over 27k followers.
  • Brian Spector – LinkedIn 13k+ followers, Twitter 5k+ followers
  • Jonas Nielsen – LinkedIn 12k+ followers
  • Lilia Severina – LinkedIn 15k+ followers
  • Josh Goodbody – LinkedIn 4k+ followers

None of them are active on Twitter.

There is no bug bounty program as of now (confirmed on Telegram channel). However, the project website has a mention of a bug bounty rewards program.

Risks to the Project


  • Use of trusted services: Their nodes are residing in Equinix data centers. The protocol uses AWS databases to store. Equinix and AWS are centralized entities.
  • Regulatory risks: There may be regulatory headwinds due to Qredo probably qualifying as a VASP. Perhaps institutional clients might hesitate to try Qredo at early stages due to this type of regulatory overhang. Conversely, the institutional investors would still want to deal with a regulated custodian platform. If required, obtaining regulatory approval may be a daunting task. There is an argument that custodians utilizing MPC might not need regulatory licensing since they never take full custody of assets.
  • Third-party reliance: Qredo relies on Ethereum blockchain for their ERC-20 token implementation and the smart contracts for governance and treasury. Their communications layer is based on Matrix, an open-source project.
  • Market Perception: MPC might need the test of time. As discussed in this article, there could be areas of concern as this novel technology evolves in the future.


  • Entry barriers: It is unclear whether anyone planning to become a validator should bring in specific HSMs and whether the validators alternatively run inside Equinix data centers. This path clarification is essential for future validators.


Everything you see in this report is the aggregate result of an extensive research process carried out by a distributed team of researchers and crypto enthusiasts around the world. The process consists of 60 questions divided into three phases. Researchers are called to answer these questions about a project while providing links or screenshots as evidence to support their answers. For every answer, they also provide a rating from zero to ten. The average of their ratings is detailed below.

Our researchers gave the Qredo Network a final rating of 55.80%

Qredo Final rating chart


This Report is for informational purposes only and/or all or any of its content thereof, should not, may not and will not be taken to constitute, either as a whole or in part, any investment advice or recommendation or similar, regulated, or authorized advice, and D-Core by producing, disseminating, giving away, or making available this Report does not, should not, may not and will not be taken to advise on investments, or carry out any similar activity, or any regulated activity or any other authorized activity. D-Core is not authorized by the Financial Conduct Authority or by any other competent EU or elsewhere or otherwise competent authority to carry out any regulated activities and/or any activities within the scope of these authorities’ competence.

D-Core excludes and disclaims all liability and/or responsibility whatsoever and/or howsoever caused, arising out of any actions, or omissions taken, or made by any authorized and/or other recipient of this Report in reliance on, or arising out of, or in connection with any or all content of this Report. Any authorized and/or other recipient of this Report acknowledges, accepts and agrees that they carry out their own independent research and act in their own sole risk in reading or using any or all information contained in this Report. In any event, recipients of this Report are urged to seek professional advice before making any potential investment decision in relation to the project described herein. Any authorized and/or other recipient of this Report accepts this Disclaimer in full. For the avoidance of doubt, this Disclaimer is binding against any recipient of this Report whatsoever.