Startup Qredo Lays Off 50% of its Staff

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Qredo, a Coinbase-backed crypto custody infrastructure provider, has cut 50% of its jobs due to its difficult financial situation.

Following an $80 million Series A funding round in February last year, the startup reportedly reached a valuation of $460 million.

Qredo’s runway expires in six months, so it is actively seeking new funding, including exploring strategic M&A. 10T Holdings, the lead Series A investor, is assisting the startup with this effort.

Qredo had already laid off about 50 people in September, citing the “prolonged cryptocurrency winter.”

The cuts continued last month. The company now has about 50 employees, down from more than 200 earlier this year.