The hybrid crypto exchange, Ankex, has shut down operations following the financial crunch at Qredo, which incubated the exchange in November 2022.
While the lack of financial backing caused Ankex to shutter, another major factor behind shutting down its business is the departure of senior executive Michael Moro, who joined the firm in April as chief executive officer. Michael was the former CEO of now-bankrupt crypto lender Genesis before joining Ankex.
“Ankex development has been paused. As some of you tested earlier this year, Ankex was ready for a public beta launch. Unfortunately, our path must pause at this stage,” Qredo said in a community note.
Ankex was recently launched in beta, offering users a decentralized exchange trading experience while having centralized exchange-type order books. However, within two months, the exchange had to take down its functionalities.
Qredo’s financial pressure was unexpected, as it raised $80 million in Series A funding in February 2022 at a valuation of $460 million. While announcing the beta release of Ankex, Qredo also cut a significant number of team members to decrease company expenses.
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