As a result of the bear market, Ankex, a cryptocurrency exchange that was started by custody company Qredo and led by Michael Moro, the former CEO of Genesis Trading, has closed.
Earlier this year, Moro became the head of Ankex, a trading platform that aimed to put elements of a central limit order book—a familiar tool for professional traders—with a non-custodial decentralised finance (DeFi) approach. His X profile now reads “Formerly @GenesisTrading and @Ankexcom,” suggesting he has left.
Qredo sent a message to its community stating, “Ankex development has been paused.” Ankex was prepared for a public beta launch, as a few of you encountered during testing earlier this year. Sadly, at this point, we have to halt our journey.
Keeping custody of one’s own assets made perfect sense for clients of cryptocurrency exchanges after FTX’s collapse last year. As the cryptocurrency market slowly recovers from a protracted bear market, Ankex might have simply been a victim of bad timing. Prior to certain divisions of the company declaring bankruptcy, Moro departed Genesis in August 2022.