Ankex, the cryptocurrency exchange led by former Genesis Trading CEO Michael Moro and backed by Qredo, has ceased operations. Ankex, launched last year, aimed to integrate centralized and decentralized features. Michael Moro had joined Ankex in early 2023 after stepping down from Genesis Trading. While Qredo has not provided a specific reason for the shutdown, financial setbacks amid challenges in the ongoing bear market are speculated.

Qredo stated, “Ankex development has been paused,” and explained, “As some of you tested earlier this year, Ankex was ready for a public beta launch. Unfortunately, our path must pause at this stage.” Ankex, described as a “hybrid exchange,” aimed to combine centralized trading speed and liquidity with the security and transparency of non-custodial, decentralized exchanges.

Ankex faced challenges from its early days, launching in 2022 shortly after the collapse of FTX. Qredo raised over $80 million in Series A funding for Ankex in February. However, when Ankex launched its beta platform in September, Qredo had to make staff cutbacks due to financial constraints caused by the extended cryptocurrency market downturn.

According to reports, Qredo has been “rightsizing” to focus on its core protocol and web3 custody business. The company had previously cut half of its remaining staff last month with only six months of runway left. Ankex’s closure adds to the challenges faced by cryptocurrency exchanges in a turbulent year, including regulatory actions against major players like FTX and Binance.

Michael Moro, the former CEO of Genesis Trading and Ankex, seemingly confirmed the news through an update to his bio on X, stating “formerly @GenesisTrading and @Ankexcom.” The fate of Ankex and the possibility of recovery remain uncertain.