Qredo, the infrastructure provider for crypto custody, abandoned the hybrid-exchange Ankex project due to financial difficulties. The Block reports.
The startup unveiled a trading platform that combines centralized and decentralized features in November 2022. A few months later, Michael Moro joined the project — former head of Genesis Trading.
Based on his X-profile signature, he appears to have left Ankex.
In September 2023, The Block reported the beta launch of Ankex. The exchange described itself as a ‘hybrid platform’, enabling users to trade directly from self-custody wallets using Qredo software.
The latest entry on Ankex’s X profile is dated September 21. According to a message from the parent company cited by CoinDesk, the exchange’s development has been halted.
“[…] Ankex was ready for a public beta launch. Unfortunately, at this stage our path must be interrupted,” the community notice states.
The Block was unable to obtain comment from Qredo representatives.
In the last 24 hours, the QRDO token fell 5.3%, according to CoinGecko. The current price is $0.05040.
Founded in 2018, the company has attracted about $94 million in venture funding. In July 2021, the infrastructure provider raised $35 million in a QRDO token sale. The project’s investors include Coinbase Ventures, Avalanche, Kingsway Capital, and GoldenTree Asset Management.
In February 2022, the startup raised $80 million in a Series A round at a $460 million valuation. It was led by Dan Tapiero’s investment firm 10T Holdings.
Earlier in September 2023, Qredo’s management laid off about 50 people due to the protracted crypto-winter, and in November laid off another 50% of the staff.