Qredo’s Ankex Crypto Exchange Shuts Down With A Bang, As CEO Michael Moro Exits!

Despite recruiting former Genesis Director Michael Moro to lead Ankex, the derivatives exchange still had to cease operations due to the tight financial situation of its parent company, Qredo.

According to The Block, cash crunch at the DeFi infrastructure platform Qredo forced the company to shut down a newly launched derivatives exchange that had only recently introduced its beta version a few months ago.

Michael Moro, the former CEO of the crypto lending firm Genesis Global Capital, which went bankrupt in early 2023, was brought to Ankex to “revive” the exchange but has also declared a “departure” from the platform after about 8 months of tenure.

Ankex was introduced as a cryptocurrency platform offering both centralized and decentralized derivatives trading, nurtured by Qredo.

Founded in 2018, Qredo has raised a total of $94 million from industry heavyweights such as Coinbase Ventures, Avalanche, Kingsway Capital, and GoldenTree Asset Management. As of February 2022, the company was valued at $460 million after a $80 million Series A funding round. At the time, the company said it would use the raised capital to boost growth, develop products, and expand its brand. However, it is still unclear how all of that capital has been used.

In September 2023, at the same time that Ankex announced the launch of its beta platform, the parent company Qredo announced it would cut around 50 jobs to streamline 35% of its annual costs. Two months later, they further laid off 50% of the remaining employees at the company, bringing Qredo’s workforce reduction to 75%, from an initial mark of 200 people down to around 50.

As of today, the QRDO token has fallen by more than 85% from its price of $0.2 in February 2023 to an all-time low of $0.026. At the time of this writing, QRDO is trading at $0.051, which is a loss of 75% of its value since the beginning of the year.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.