Ankex, a cryptocurrency startup launched by custodial company Qredo and led by former Genesis Trading CEO Michael Moro, has unfortunately shut down due to the challenging crypto market conditions.
Users of the exchange have received an official notification stating that the platform was unable to progress beyond the beta testing phase and will be shut down due to a lack of sufficient funding caused by the bearish market sentiment.
Media attempts to reach out to Qredo for comments were unsuccessful, and sources familiar with the situation reveal that the financial difficulties faced by Qredo played a role in the closure of the Ankex platform.
A couple of months prior to this announcement, Qredo had already laid off a significant number of employees and reduced its annual budget by 35%.