Despite raising $80 million in February 2022 in a Series A round that saw the company valued at $460 million, the Qredo crypto custody platform just had to secure debt financing to keep the company afloat. Its lead investor also pushed to oust the company's CEO and COO, and shake up the board.Qredo had already been forced to perform layoffs in September and then November, and in November was searching for a rescue after saying their user "activity ha[d] fallen" in the "prolonged cryptowinter".
On December 15, Qredo had also announced that they would be shutting down their Ankex trading platform, which was previously led by Michael Moro, who was previously booted as CEO from Genesis Trading.