Cryptocurrency custody company Qredo has once again laid off 50% of its employees, with its financial situation able to support only six months.

According to BlockBeats news on November 2nd, citing four insiders, Qredo, a provider of cryptocurrency custody infrastructure, has laid off 50% of its workforce again and its financial situation can only sustain for about six months. Qredo had already laid off about 50 people in September this year. The current number of employees in the company is about 50, down from over 200 at the beginning of the year. Two insiders said that Qredo is actively seeking new financing and exploring strategic mergers and acquisitions to stay afloat. Qredo's main investor in Series A financing, 10T Holdings, is providing help. A Qredo spokesperson said that due to the prolonged crypto winter, Qredo chose to scale back its business to focus on core businesses such as Web 3 wallets and custody solutions. Qredo was founded in 2018 and has raised about $94 million in venture capital. It completed an $80 million Series A financing last year with a valuation of $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.