Qredo-Xena Exchange acquisition brings world-class trading tools to decentralized custody
Qredo’s acquisition of Xena Exchange’s technology and team delivers liquidity to institutions who want the security and flexibility of self-custody.
London, Aug. 2, 2022— Qredo is pleased to announce the purchase of the team and technology behind Xena Exchange, a derivatives platform pioneered by former professionals from JPMorgan Chase & Company and Deutsche Bank.
Qredo Markets, the newly formed division, will combine Qredo’s decentralized custody infrastructure with Xena Exchange’s technology to develop institutional-grade tools for accessing digital asset liquidity.
Xena Exchange’s comprehensive trading infrastructure, which includes spot and derivative trading engines, smart order routers, and complex algorithmic trading tools, has been refined during five years of development.
This technology, when combined with Qredo’s layer-2 (L2) network and self-custodial wallets, will unleash a strong suite of decentralized liquidity products:
Instant liquidity from self-custody
The basic technology and matching engine of Xena Exchange will be connected with Qredo L2, allowing liquidity to be accessible directly from institutional self-custody.
Qredo Markets’ initial product, PowerSwap, will allow anyone can instantaneously trade QRDO, USD Coin (USDC), and Tether (USDT) with zero slippage and no counterparty risk.
Over-the-counter swaps and trustless dark pools
Leading liquidity providers, including Wintermute and GSR Markets, will be able to supply liquidity in Qredo’s dark pools.
These capabilities, along with others in the works, will allow Qredo customers to access a plethora of liquidity options from self-custody while avoiding 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.
Anton Kravchenko, director of Qredo Markets said, “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.” Anton Kravchenko, director of Qredo Markets.
Alexey Semichastnov, product director of Qredo Markets added, “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.”
Qredo is a decentralised digital asset management infrastructure and product suite that aims to provide institutional investors with new options in digital assets and decentralised finance. Users can seamlessly transfer and settle Bitcoin (BTC), Ether (ETH), and ERC-20-protocol tokens using Qredo’s L2 blockchain technology. Qredo’s powerful Generation 2.0 multi-party computation secures assets and delivers tier-one bank security and institutional-grade governance.
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