Qredo, the crypto industry leader in offering self-custody services to institutional users, announced a few days ago that it has integrated the SUI network into its wallets.
This is a very important implementation as it allows its clients to benefit from the decentralised ecosystem of SUI, which has an LTV of $69 million, while enjoying the convenience and security of Qredo’s services.
The QRDO crypto, a token of governance and utility of the Qredo network, reacted very well to the news and marked a significant increase in its price on the market.
Unfortunately, even after the recent positive performance, the coin’s fate seems doomed.
See all the details below.
Qredo and the implementation of the SUI network within its crypto self-custody services
Qredo, a well-known provider of crypto asset self-custody services, announced on 25 October that it has integrated the SUI network within its wallets, effectively allowing its customers to use the latest generation blockchain without having to leave the company’s platform.
Through a post published on X, Qredo presented the new implementation to the public, which represents an important step forward in the development and adoption of blockchain technology, as far as the world outside the expert niche is concerned.
🥳 The Qredo x Sui Wallet Integration is Live!
🤝 Unlock the power of Sui’s blockchain with Qredo’s dMPC institutional-grade security
🔥 Seamlessly engage with the Sui ecosystem & stake SUI tokens securely
👉Sign up & set up your Sui Wallet with Qredo: https://t.co/zA3HKgWrM2 pic.twitter.com/GSSxJIm400
— Qredo (@QredoNetwork) October 25, 2023
Qredo offers crypto-related services to institutional clients who can use a decentralised, truless, multi-party computation (MPC) custody network to be present in the latest blockchain innovations, while benefiting from the convenience and security of the existing infrastructure.
In addition to pure decentralised custody, the London-based service provider enables native cross-chain swaps and access to cross-platform liquidity.
With the addition of SUI’s network, the provider’s clients will be able to take advantage of the full range of applications offered within the network, with an estimated TVL of $69 million.
In addition, Qredo is improving the user experience when interacting with these next-generation blockchains by providing more robust security and minimising the risk associated with holding private keys in person.
Thanks to the crypto service provider’s application, users enjoy absolute control over all operations and changes made within their cryptographic universe, through customised governance tailored to different needs.
The decentralised world of SUI can thus be explored by Qredo users in an extremely simple and secure manner, through an infrastructure that offers seamless, fluid and fast interaction.
The implementation in question also allows users to stake with the SUI crypto directly from the Qredo app, contributing to the development of the blockchain while gaining economic incentives.
The crypto project team has also provided a video tutorial on how to get started with the SUI technology via the Qredo network.
How to use your Sui Wallet with @QredoNetwork’s dMPC institutional-grade security ? 🤔 We got you covered: here is the video tutorial.
You can also follow the step by step guide here:
— Qredo (@QredoNetwork) October 25, 2023
QRDO’s positive reaction does not change crypto’s disastrous fate
The QRDO cryptocurrency, a utility and governance token of the Qredo network designed to incentivise its ecosystem by economically favouring user entry and participation, reacted very well to the news of SUI’s infrastructure integration.
In fact, on 25 October, the day the news was announced, the currency almost doubled in value from $0.037 to a local high of $0.068.
The bullish price action was undoubtedly aided by Bitcoin, which led the growth of all cryptocurrencies in the market with its latest rally.
In the hours that followed, the price of QRDO dipped slightly to its current level of $0.051.
While many may be surprised by the excellent performance of this crypto over the past few days, it is important to note that the long-term price structure suggests that we are facing a rather dire situation.
Compared to a year ago, QRDO has lost more than 75% of its value due to a creepy tokenomics that encourages very high inflation, similar to that of the Venezuelan bolivar.
Even the reduced utility is not helping to create demand in the market and support the price of the currency.
The crypto’s all-time high is set at a whopping $9.2, reached in November 2021, and represents a target 180 times away from current prices.
If we extend the time horizons of the QRDO chart, we see that the rally of the past few days is insignificant compared to the collapse that the currency will experience in 2022 and 2023.
All this does not detract from the professionalism and efficiency of the self-custody services offered by Qredo: tokens and infrastructure are two different fields that can safely travel on completely different roads.
The Qredo ecosystem is constantly improving and implementing new solutions such as Sui’s cryptographic network.
At the same time, the QRDO token is approaching the precipice of its existence, unable to withstand the ruthless supply and demand mechanism typical of financial markets.
Its value is likely to move ever closer to zero.