Qredo Network news

Cross-chain settlement platform, Qredo, has had a productive month despite the market downturn.

The decentralized custody network released its latest monthly update over the weekend. In it, Qredo revealed several impressive growth statistics. The growth comes at a time when crypto markets have fallen to their lowest levels in 2022.

Qredo reported that new accounts for April reached 1,000. Additionally, the total number of Qredo wallets has topped 60,000. Also, there was a 20% increase in Qredo transactions month-on-month, while Web3 wallet transactions were up almost 30% on the month.

Decentralizing Custody With Qredo Network

The newly launched network tackles a long-standing DeFi problem – private key management. Qredo offers institutional-grade security and governance for retail crypto holders.

Furthermore, the team also said that Qredo staking rewards will be compounded weekly. This means that stakers can earn 10.1% APY on the platform according to the announcement.



It also made some roadmap updates and stated that Web3 Qredo wallets will be in alpha testing soon. Additionally, the team is on track with the development of its MetaMask Institutional Dashboard (MMI). The product mitigates the risks regarding private keys by creating custody policies for organizations.

More About Qredo Network

Moreover, Qredo is adding 60 ERC-20 tokens to the platform during Q2. It is prioritizing the addition of tokens based on several factors, including community requests and ecosystem partnerships. Integrations with Polkadot, BNB Chain, Terra, Fantom, Near, and Avalanche are also in the pipeline.

In addition, Qredo Network will soon be launching PowerSwap enabling users to instantly atomic swap BTC, ETH, QRDO, and stablecoin trading pairs.

Qredo raised $50 million in seeding and private and public token sales from 2018 to 2021. It revealed that funding had reached $120 million in its March roadmap update and has 134 employees. Additionally, the team announced that its native token, QRDO, was listed on the U.S.-regulated Gemini crypto exchange.

QRDO Price Outlook

Unfortunately, the price of QRDO has been hit hard by the market downturn in May. As a result, the token has dropped a further 2.4% on the day to trade at $1.25.

Also, QRDO has declined 34% over the past month as crypto markets retreat. Furthermore, it is down 87% from its all-time high price in November of $9.81. There are 65 million tokens in circulation from a total supply of 960 million. This gives the project a market capitalization of $82.2 million.

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