Ankex Crypto Exchange Puts Operations On Hold Despite Market Recovery

While the broader market is anticipating a new bull run, the Ankex crypto exchange has decided to pause its operations.

In 2023, many crypto platforms have announced a shutdown. However, that was particularly the case in the first half of the year, as the market was affected by the FTX collapse.

Ankex Crypto Exchange Pauses Operation Before Public Beta Launch

The crypto exchange informed its community on telegram:

“Ankex development has been paused.

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

We really appreciate everyone’s support during this year and hope that one day, our mission of creating a more secure trading ecosystem for crypto users will be restarted.”

Ankex Crypto Exchange Official Website Informs The Viewers About Pause

The telegram message suggests that the crypto exchange was preparing for a public beta launch. According to a LinkedIn post from Qredo, the parent company of Ankex, it was the world’s first hybrid derivatives exchange. Qredo is a Decentralize Finance (DeFi) infrastructure company.

Read more: What Is a Crypto Loan? A Guide to Using the DeFi Instrument

Hence, an Ankex community member wrote:

“It’s been an honour Ankexians the dream of a hybrid exchange continues to be a dream”

Moreover, Ankex’s CEO, Michael Moro’s LinkedIn bio reads, “Ex. Ankex, Genesis and Citi.” Moro announced joining Ankex as a CEO on LinkedIn just nine months ago. Previously, Moro was the CEO at Genesis Global Capital. However, in August 2022, BeInCrypto reported that Moro left Genesis after serving the company for around a decade.

The pause of Ankex came despite the recovery of the broader crypto market since October 2023. Notably, Venture capital spending also recovered in November 2023.

The screenshot below shows that the venture funding for crypto companies was over $700 million in November 2023. Furthermore, despite being only halfway through December, the venture capital funding received has already surpassed the amount recorded in October.

Read more: How To Fund Innovation: A Guide to Web3 Grants

Crypto Venture Monthly Fund Raising. Source: DefiLlama

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