Qredo shuts down hybrid derivatives exchange Ankex due to lack of funds, and its CEO Michael Moro resigned

Crypto infrastructure startup Qredo’s cash shortage has forced it to shut down its hybrid exchange project Ankex, which it launched just a few months ago. In November last year, Qredo incubated and launched Ankex, which was promoted as a hybrid derivatives exchange integrating CEX and DEX functions. In April this year, Michael Moro, the former CEO of Genesis Global Capital, was hired as the CEO of Ankex. However, due to Qredo’s financial difficulties, the Ankex platform was recently shut down and Moro left the business, according to people familiar with the matter. Some features of the Ankex website are still operational, while other parts (including links to registration, login and support pages) are down. (The Block) According to previous news in November, sources said that crypto custody infrastructure provider Qredo is currently in a tight financial situation and has laid off 50% of its employees again. Its financial situation can still be maintained for about six months. After Qredo laid off about 50 employees in September staff. Additional layoffs continued until the end of last month, and the company now has about 50 employees, down from more than 200 earlier this year. It is reported that Qredo is actively seeking new funds and exploring strategic merger and acquisition opportunities to maintain survival. Dan Tapiero's 10T Holdings, the lead investor in Qredo's Series A round, is helping with these efforts.