TechFlow News — According to sources, Qredo, a cryptocurrency custody and settlement technology company, has carried out significant layoffs affecting approximately 50 employees, including several senior executives. The layoffs represent about 35% of the company's annual expenses, leaving Qredo with around 130 employees.
A Qredo spokesperson confirmed the layoffs, attributing them to the downturn in the crypto market, and stated the company will now focus on its core protocol and Web3 custody business.
The company was valued at $460 million in February 2022, when it raised $80 million in a Series A funding round.
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