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A portion of the struggling crypto custodian Qredo has been placed into administration after its partial acquisition by 10T Holdings and 1RoundTable Partners, growth equity firms led by veteran investor Dan Tapiero.

10T and 1RT said Friday they have acquired "substantial" assets of Qredo through their new U.K.-based entity, Fusion Laboratories. The acquisition comes after the two firms led Qredo's bridge financing round and reorganized the company late last year, they said — confirming The Block's previous reporting.

As part of the deal, 10T and 1RT will relaunch Qredo's acquired assets through Fusion Labs — focusing solely on Fusionchain, an upgraded version of Qredo Network on Cosmos. The QRDO token will move to the Cosmos ecosystem with Fusionchain's launch.

"The token migration will increase utility under revamped tokenomics," said 10T and 1RT. "Additional information regarding the launch of Fusionchain, the token migration, tokenomics, and strategic plans for Fusion Labs will be communicated in the near future."

Qredo placed into administration Qredo appointed Ian James Corfield and Philip David Reynolds of FRP Advisory as its joint administrators on Feb. 1.

Company administration is a process aimed at rescuing struggling business segments or maximizing returns for creditors before dissolution. An insolvency practitioner takes control of the company during administration.

Qredo's joint administrators will communicate with the company's suppliers, creditors, and employees regarding the next steps in the coming days, said 10T and 1RT.

Meanwhile, the Qredo custody platform will remain "fully operational" until further notice, ensuring customers remain unaffected by these changes for the time being, according to a Qredo spokesperson.

Qredo fires more people  Qredo has cut 44 more jobs, halted salary payments, and transferred the remaining 23 employees to Fusion Labs, a source with knowledge of the matter told The Block.

A Fusion Labs spokesperson confirmed that 23 people from Qredo have been brought to Fusion Labs. However, they did not comment on the number of employees laid off from Qredo.

"As the Company is no longer in a position to make payments for services rendered by you under your contracts, you should regard your service as terminated effective immediately," Qredo CEO Duncan Payne-Shelley wrote to the team in an email today that was obtained by The Block.

"Please be advised any amounts outstanding to you at the date of the Administrators appointment will be a claim against the company. The Administrators will be writing to you and all other known creditors of the company with details of how to submit your claim in due course," Payne-Shelley added, who has now moved to Fusion Labs as CFO.

Payne-Shelley did not immediately respond to The Block's request for comment.

Fusion Labs has a new CEO and board Randy Little, a partner of 10T and 1RT, has been appointed as the new CEO of Fusion Labs.

Little, alongside Payne-Shelley, moved Qredo's chief technology officer, Jason Losh, its chief cryptographer, Kealan McCusker, and some other Qredo employees to Fusion Labs.

Some of Qredo's previous employees — including former chief operating officer Josh Goodbody and former vice president of marketing and operations Luis Vaello — moved to the QRDO Foundation, as The Block reported previously. Fusion Labs and Warden Protocol will both play important roles in the QRDO ecosystem, which is led by the QRDO Foundation, Vaello told The Block.

"The QRDO Foundation is thrilled about Qredo Ltd's acquisition by Fusion Labs, effectively dispelling any prior concerns in the community," Vaello said. "This week's announcement of Warden Protocol and Fusionchain's continued support for the QRDO token highlights an optimistic future. We are entering an exciting era of growth and innovation for the QRDO community," he added.

Tapiero will now serve as the chairman of Fusion's board, joined by Little, Tad Smith, a 10T and 1RT partner, and two undisclosed independent directors.

The Block extensively reported on Qredo's problems and 10T's rescue efforts for months. Today's news officially confirms the company's issues and reveals the roles of 10T and 1RT in its rescue.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Qredo is transitioning to Fusionchain due to its acquisition by Dan Tapiero’s firms, 10T and 1RoundTable Partners. This move is a defining moment for the company and its users, as it comes with improved functionality and centering on self-custody in blockchain technology.

Qredo’s Acquisition and Relaunch The investment made by Tapiero’s investment entities through Fusion Laboratories, a newly established U.K.-based venture, has absorbed large amounts of assets from Qredo. This progression comes after a phase of financial struggles for Qredo, which led to some business divisions being placed under administration. 

The Fusionchain will come into being from this transition, highlighting an upgraded version of the Qredo Network that is now part of the Cosmos ecosystem.

Focus on Fusionchain and Cosmos Integration By implementing Cosmos as a framework, Fusionchain is designed to revolutionize blockchain technology, moving conventional ledger applications forward in scalability and interoperability. 

The integration points to a shift in strategic approach towards a more solid and multi-purpose platform. As a result, users can benefit from the increased utility of tokens and join a network of blockchain applications. There is excitement among the stakeholders as the announcement paves the way for more details on the launch and strategic direction to be released in due course.

Moreover, the QRDO token has migrated to the Cosmos network, which can lead to increased utility and integration of this token in a wider blockchain environment. This migration represents a technical change and reorientation that seeks to enhance the valuation of the token, providing holders with better functionality and increased involvement in a more interdependent blockchain.

Continuity and Transition However, despite the organizational restructuring, Qredo guarantees users uninterrupted service. The custodial platform continues to operate, preserving customer assets and prioritizing the integrity of ongoing transactions. This commitment to service continuity shows the company’s devotion to its users, even during transformational changes.

Consequently, the transformation has unavoidably resulted in workforce reorganization, affecting Qredo and the transfer of selected employees to Fusion Laboratories. This action is consistent with the global strategy of business orientation towards Fusionchain and the general goals of the investment firms belonging to Tapiero. 

The new team at Fusion Labs is ready to provide a direction for developing and accepting Fusionchain, opening a new era in the QRDO community.

As a result of the guidance of Randy Little, the newly appointed CEO of Fusion Labs, and a new leadership-driven board with Tapiero as chairman, the leadership is determined to see the direction in which Fusion Labs will move towards realizing its vision. The strategic focus on Fusionchain and its integration with the Cosmos ecosystem highlights the commitment to innovation and user empowerment in digital asset custodial services.

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