Qredo sees more departures as it works to enhance equity business value and build token utility

Qredo QRDO +31.45% has seen more departures in recent weeks as the crypto custodian intensifies efforts to boost the value of its equity business and create utility for its token, two sources with knowledge of the matter told The Block.

Qredo asked for the departure of one of its founding team members, Benjamin Whitby, who most recently served as vice president of strategic partnerships, the sources said.

Whitby confirmed his departure to The Block, saying: "I was gutted to be asked to leave" and that he would "absolutely go back" if they asked him. Whitby said he is still a shareholder of Qredo, having put his "money in from day 1."

Qredo's head of the Asia-Pacific region, Dan Burke, resigned to explore other opportunities, the sources said. Burke confirmed his exit, saying that his last working day at Qredo is Jan. 26, with Dae Lee, Qredo's APAC sales director, set to replace him.

Qredo asked Luis Vaello, vice president of marketing and operations, to sign a new contract. However, Vaello declined and instead joined the Qredo Foundation, which focuses on enhancing the value of the QRDO token, the sources said. Vaello confirmed his departure and new role, saying that he is now focused on helping Qredo Network transition into its next phase called Fusionchain, a Cosmos-based upgrade of the blockchain.

Qredo departures

The new departures come amid Qredo's ongoing challenges that have included an investor-led management overhaul that removed its co-founder and CEO, Anthony Foy. Its chief operating officer Josh Goodbody also resigned and joined the Qredo Foundation, and the firm has also underwent board changes.

The investor leading the changes is Dan Tapiero's 10T Holdings, which led Qredo's $80 million Series A round in 2022, as The Block previously reported.

10T Holdings also led Qredo's debt financing round recently, as the crypto custodian was left with about six months of runway as of November, as The Block reported. 

All recent departures and management changes aim to ensure success for Qredo's equity and token holders, said the sources. There is a "strong level of commitment" from 10T Holdings, one of the sources said, emphasizing their financial and resource support. The source also noted that Qredo's success hinges on continued backing from investors.

Qredo declined to comment to The Block for this article.