This change, initiated by lead investor 10T Holdings, marks a significant step in restructuring the company’s leadership.
Qredo, known for its cryptocurrency custody services, has recently seen a major shift in its top management. Anthony Foy, the co-founder and CEO, has been replaced by Duncan Payne-Shelley, who previously served as the CFO.
This change, initiated by lead investor 10T Holdings, marks a significant step in restructuring the company’s leadership. Alongside this, the company has welcomed new board members, including Thomas Sidney “Tad” Smith, Jr. and Raizada Bhavin Vaid, while witnessing the departure of Stan Miroshnik.
Qredo has obtained debt financing, a strategic choice to prevent further diluting existing shareholders’ stakes. This move comes as the company navigates through a tough financial period, having been valued at $460 million in a Series A round in February 2022 but later facing a cash crunch due to aggressive expansion and a bearish market.
The restructuring also includes a shift in operational roles, with former COO Josh Goodbody moving to the Qredo Foundation as a director. This realignment indicates Qredo’s commitment to refining its business strategy and focusing on its core offerings in the cryptocurrency space.