Qredo, a provider of encrypted custody infrastructure, is currently in a financially tight situation and has once again cut 50% of its workforce. Its financial situation can only be sustained for about six months, and in September, Qredo dismissed about 50 employees. Sources said that the additional layoffs continued until the end of last month, and the company currently has about 50 employees, down from over 200 earlier this year. Two of the sources said that Qredo is actively seeking new funding and exploring strategic mergers and acquisitions to sustain its existence. According to sources, Dan Tapiero's 10T Holdings, the main investor in Qredo's Series A financing, is helping with these efforts. Qredo was founded in 2018 and has raised about $94 million in venture capital. In last year's Series A financing, the company was valued at $460 million. In July 2021, the company also raised $35 million through the sale of QRDO tokens. Qredo's venture capital investors include Coinbase Ventures, Avalanche Kingsway Capital, and GoldenTree Asset Management.