Qredo's Ankex Crypto Exchange Closes Doors, CEO Michael Moro Departs

Last year witnessed the introduction of Ankex, a hybrid cryptocurrency exchange that emerged from the collaboration between the custody firm Qredo and the former CEO of Genesis, Michael Moro. Unfortunately, recent developments have led to the closure of Ankex amid challenging market conditions marked by a bearish trend in the cryptocurrency domain.

Ankex set out to establish itself as a distinctive platform by integrating a non-custodial decentralized finance (DeFi) approach with features specifically designed to cater to professional traders. One noteworthy feature was the incorporation of a central limit order book, offering a trading environment familiar to seasoned professionals. Michael Moro, who took on the role of Ankex's CEO earlier in the year, played a pivotal part in shaping the strategic direction of the platform.

However, recent signals indicate that Michael Moro has stepped down from his position at Ankex. His profile on X now reflects this change, stating, "Formerly @GenesisTrading and @Ankexcom." This departure coincides with Qredo, the custody firm behind Ankex, announcing a pause in the development of the exchange. In a message to the community, Qredo expressed, 

"As some of you tested earlier this year, Ankex was ready for a public beta launch. Unfortunately, our path must pause at this stage."

The decision to suspend the development of Ankex may be attributed to various factors, given the challenges faced by the broader cryptocurrency market. The aftermath of FTX's collapse last year highlighted the significance of users retaining custody of their assets, prompting a shift in preferences within the cryptocurrency exchange landscape. Ankex's attempt to amalgamate DeFi principles with a professional trading environment may have faced adversity due to the prevailing bear market conditions.

Michael Moro, formerly the CEO of Genesis Trading, parted ways with the company in August 2022, preceding certain segments of the business seeking bankruptcy protection. This departure marked a significant turning point in Moro's career, eventually leading him to helm Ankex. Unfortunately, Ankex has encountered setbacks in the ever-changing and unpredictable crypto landscape.

The closure of Ankex and Michael Moro's departure was initially reported by The Block, shedding light on the challenges confronted by cryptocurrency exchanges and their leaders as they navigate the intricacies of the market. As the cryptocurrency industry gradually emerges from a prolonged bear market, the fate of projects like Ankex serves as a poignant reminder of the inherent risks and uncertainties inherent in the rapidly evolving realm of digital assets.

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