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Home»ADOPTION NEWS»Qredo shutter derivatives exchange Ankex, launched by Michael Moro
ADOPTION NEWS

Qredo shutter derivatives exchange Ankex, launched by Michael Moro

By Crypto FlexsDecember 15, 20233 Mins Read
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Qredo shutter derivatives exchange Ankex, launched by Michael Moro
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Cryptocurrency infrastructure startup Qredo’s cash shortage has forced it to shut down its hybrid exchange project, which launched in beta just a few months ago.

Ankex, incubated and unveiled by Qredo in November last year, was known as a hybrid derivatives exchange that combined centralized and decentralized functions. Michael Moro, former CEO of Genesis Global Capital, was hired to run Ankex in April. This was about eight months after he stepped down as CEO of Genesis and several months after the company filed for bankruptcy.

However, Qredo’s recent financial difficulties led to the closure of the Ankex platform and Moro’s departure from the business, according to sources familiar with the matter. Some parts of the Ankex website still work, but other parts, including links to the signup, login, and support pages, no longer work.

A Qredo spokesman declined to comment.

Credo, which was valued at $460 million when it raised $80 million in a Series A round in February 2022, appears to have recently been under significant financial pressure. In September, the same month Ankex announced the launch of its beta platform, Qredo cut its workforce by about 50 people to cut annual costs by 35%. Then, in November, the company laid off 50% of its remaining employees.

At the time, the company reportedly only had six months left on its runway and was seeking new funding and exploring potential acquisitions.

Refocus resources

Last November, a spokesperson told The Block that the bear market had forced Qredo to refocus on its core business.

“Qredo recorded an average of $2.5 billion in monthly trading activity from the second half of 2022 to the first quarter of 2023. “This activity has declined along with overall market activity throughout the year,” they said. “As this cryptocurrency winter drags on, Qredo has decided to right-size its business and focus on its core growth areas of web3 wallet and custody solutions.”

Ankex’s closure comes despite its product fitting neatly into current cryptocurrency trends. This allowed users to self-manage their funds while attempting to replicate the user experience in terms of liquidity, latency, and support provided by centralized venues.

On joining Ankex after Geneis’ death, Moro said he was “acutely aware of the importance of empowering traders to operate on a trustless platform while retaining full control of their assets at all times.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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