A New Hybrid Crypto Exchange Launches in Beta Mode
Ankex, a crypto exchange incubated by Qredo, has launched today in beta mode. This exchange aims to combine the benefits of both centralized and decentralized trading. It was first introduced by Qredo in November 2022 and has been in “alpha” mode since then. Now, it has transitioned to beta mode, where testers will be added in phases before a full public beta launch later.
Ankex is described as a “hybrid” player in the crypto exchange landscape, allowing users to trade directly from self-custodial wallets with the assistance of Qredo’s software.
Michael Moro, former CEO of Genesis Global Capital, joined Ankex as CEO in April. Moro sees this opportunity as a way to contribute to the advancement of the crypto industry. He believes that Ankex can solve the problems faced by exchanges like FTX and traditional centralized finance (CeFi) platforms.
A Solution to CeFi Problems
Moro highlights that by operating as a non-custodial exchange with on-chain transactions, Ankex eliminates concerns about proof of reserves since users can independently verify everything. Additionally, he praises Ankex’s creation of a “bankruptcy-remote structure,” which ensures that collateral remains locked in Qredo wallets even if the exchange encounters difficulties.
Built for High-Frequency Traders
Ankex is specifically designed for high-frequency traders and currently supports settlements in USDC stablecoin. While Qredo has funded the project so far, Ankex is now seeking external capital through seed-stage investments. Initially, users will need to open a Qredo wallet to start trading on Ankex, but the long-term goal is to become “wallet agnostic.”
Hot Take: A Promising Hybrid Exchange Emerges with Unique Features
Ankex’s launch as a hybrid crypto exchange brings together the benefits of centralized and decentralized trading. By allowing users to trade directly from self-custodial wallets and implementing a bankruptcy-remote structure, Ankex aims to address the challenges faced by both FTX-like exchanges and CeFi platforms. With Michael Moro at the helm, Ankex has a seasoned leader with a vision for advancing the crypto industry. High-frequency traders will find Ankex particularly appealing, especially with its initial support for settlements in USDC stablecoin. As Ankex seeks external capital, it looks poised to become a major player in the crypto exchange landscape.
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