Qredo’s acquisition of Xena Exchange’s technology and team brings liquidity to institutions preferring self-custody’s security, flexibility.
London, Aug. 1, 2022 — Qredo is proud to announce the acquisition of the team and technology behind Xena Exchange, a derivatives platform built by former professionals from JPMorgan Chase & Company and Deutsche Bank that has pioneered self-custodial trading.
The newly formed unit, Qredo Markets, will pair Qredo’s decentralized custody infrastructure with Xena Exchange’s technology to create institutional-grade tools for accessing digital asset liquidity.
Xena Exchange’s sophisticated trading infrastructure has been honed over five years of development and includes spot and derivative trading engines, smart order routers and sophisticated algorithmic trading tools.
Combined with Qredo’s layer-2 (L2) network and self-custodial wallets, this technology will unleash a powerful suite of decentralized liquidity products:
Instant liquidity from self-custody
Xena Exchange’s core technology and matching engine will be integrated with Qredo L2 and will enable liquidity to be accessed directly from institutional self-custody.
Over-the-counter swaps and trustless dark pools
Top liquidity providers, such as Wintermute and GSR Markets, will have the ability to provide liquidity in Qredo’s dark pools.
These features — plus more in the pipeline — will enable Qredo users to access a wealth of liquidity opportunities from self-custody without exposure to counterparty risk.
“As centralized crypto firms freeze withdrawals amid market turbulence, self-custody has never been more critical. The acquisition of Xena Exchange represents a significant milestone on our journey toward creating the next generation of self-custodial wallets. Our combined tech stack will enable institutions to access liquidity in a way that is true to the trustless spirit of blockchain — without ever needing to give up control over funds,” said Anthony Foy, CEO of Qredo.
“At Xena Exchange, we believed that exchanges should not keep the clients’ funds, so we built a non-custodial trading environment with high-speed liquidity for institutional and algorithmic traders. As Qredo Markets, we will be able to deliver trading solutions with the unmatched security of Qredo as a decentralized custodian,” said Anton Kravchenko, director of Qredo Markets.
“Dozens of software engineers have worked on our derivatives matching engine for five years. The result is something that simply cannot be bought on the open market and thus gives Qredo an immense competitive advantage. We are confident that our technology has found the right home and are delighted to join a stellar team that can take it to the next level,” said Alexey Semichastnov, product director of Qredo Markets.
Qredo is a decentralized digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors in digital assets and decentralized finance. Qredo’s L2 blockchain protocol enables users to seamlessly transfer and settle Bitcoin (BTC), Ether (ETH) and ERC-20-protocol tokens. Assets are secured by Qredo’s advanced Generation 2.0 multi-party computation, which provides tier-one bank security and institutional-grade governance.