QRDO community,

I would like to start by thanking the community for its continued support while we have been working tirelessly behind the scenes to create value for our stakeholders. It has been wonderful to see the dedication and energy of our team in building a future far beyond the scope of what was achieved by Qredo. We have a few announcements for today and expect many more in the coming weeks and months

Re-Branding Fusion Labs to Zenrock Labs

First, I am pleased to announce the rebranding of Fusion Labs (our placeholder name) to Zenrock Labs (“Zenrock”), the bedrock security infrastructure that will support an omnichain future. We have refocused the most valuable components of the Qredo tech stack, built over four years by the engineers and cryptographers of the Zenrock team, to provide the only true decentralized MPC-based security protocol in the Web3 space. More details will be rolled out in the coming weeks and months.

Zenrock Foundation Launch 🚀

We are pleased to announce the formation of the Cayman Islands-based, Zenrock Foundation launched to encourage ecosystem growth with Jonty Kelt, Philippe Bekhazi and Glenn Kennedy as its independent directors. All three have incredible experience and will be excellent stewards for the Zenrock community.

Philippe Bekhazi leads XBTO Global, an institutionally-focused cryptofinance company.

• XBTO is active in market-making, OTC trading, asset management, custody, and advisory of digital assets. Founded in 2015, XBTO was the first large-scale liquidity provider on digital asset trading platforms. It is a global company and is the Official Crypto Sponsor of Inter Miami Futbol Club.
• Previously, Philippe worked for leading fintech and financial companies, including Calypso Technology and Citibank. Philippe also spent many years at hedge fund SAC Capital Advisors, where he helped build the global macro desk.
• Philippe has Bachelor of Science degrees in Finance and Communications from Syracuse University, where he graduated with Honors.

Jonty Kelt is the Founder of Fantail Ventures, which invests in early stage companies in the enterprise software and digital assets sectors.

• Previously, Jonty helped lead the global commercial business of Palantir Technologies. Prior to Palantir, Jonty worked in executive roles for Google and DoubleClick, co-founded internet technology companies in the United Kingdom and USA, and a media company in China. Early in his career, he helped establish Macquarie Bank in New Zealand.
• Jonty holds Bachelor’s degrees in Philosophy, Finance and Marketing from Otago University, New Zealand. He is a graduate of Stanford University Law School’s Directors’ College and holds the Certificate in Company Direction from the Institute of Directors, London.

Glenn Kennedy is the founder of Leeward Management Limited. He serves as an advisor to, and independent board member of Cayman Islands investment funds and investment management companies.

• His focus is on corporate governance and legal and compliance matters, bringing over 20 years’ experience with fund formation, operations, regulatory and business law to his client boards.
• Mr Kennedy heads up Leeward’s digital assets practice, where he works with some of the largest blockchain and digital assets investment funds, blockchain, FinTech and DeFi development companies and DAOs.
• Prior to founding Leeward, Mr Kennedy was an associate attorney with the Cayman Islands office of a multi-jurisdictional offshore law firm as part of the firm’s investment funds team, and was prior to that an equity partner with a Toronto, Canada based business law firm, where he practiced in the areas of corporate law and investment funds.

Community Loyalty Token Airdrop 🪂

The Zenrock Foundation is pleased to announce the launch of the “Herorock” token to be distributed to the most faithful of the Qredo community in recognition of its focus and dedication to the project. The Herorock distribution will be based on the duration and magnitude of: 1) QRDO holdings and 2) staking balances.

• Snapshot was taken on April 2nd 2024 📷
• Claim registration site to go live by the end of April. Further instructions on registration to be communicated separately. Use will be subject to Terms of Service and persons in restricted countries will not be eligible.

Business Update

Testnet. The Zenrock Cosmos appchain (formerly Fusionchain) testnet to be launched in Q2 with mainnet planned in H2 2024.

• The QRDO token will not be utilized by the Zenrock appchain. However, the QRDO token will continue to be supported by the QRDO Foundation.

dMPC. We are focused on the decentralization of MPC technology, accessible permissionlessly by any builder of omnichain applications or wallet technology.

Transparency. Recent steps were taken to protect Zenrock intellectual property and at same time to maintain transparency for the community.

• Updated the license on our source code to a Business Service License (“BSL”) to prevent value leakage from the Zenrock community.
• Day-to-day code commits will occur in a private repository but we will push major releases to our public GitHub.

We are extremely excited to continue to build the Zenrock stack into the premier Web3 infrastructure with the support of the community, our team, ecosystem partners, and investors. A lot more to come!

Randy Little

CEO, Zenrock Labs

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