The cryptocurrency startup Qredo encountered serious challenges that led to the closure of their project Ankex, a hybrid derivatives exchange. The Ankex platform was launched in November 2022, combining centralized and decentralized features. The project was led by former CEO of Genesis Global Capital, Michael Moro, who was appointed in April of this year.

Despite the successful beta testing of Ankex over several months, financial difficulties forced Qredo to shut down the project. Moro, who joined the company after leaving Genesis Global Capital, left Qredo following the closure of Ankex. Despite his efforts, the platform could not withstand the financial challenges.

In February 2022, Qredo was valued at $460 million after raising $80 million in a Series A funding round. Experts had predicted it would become a "unicorn," but recently the company has faced a number of problems. To cut costs, Qredo laid off about 50 employees during the launch of the Ankex beta platform, and then in November 2023, another 50% of the remaining staff. The leadership is currently seeking funding and exploring options to sell the business.