DeFi Firm Qredo Incubated Ankex, A Hybrid Exchange

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Key Highlights:

  • Panama-based Ankex seeks to combine the advantages of centralized and decentralized cryptocurrency exchanges.
  • The DeFi services company Qredo served as the new company’s incubator.

Ankex declares the opening of a novel hybrid crypto derivatives exchange that allows for sophisticated trading and transparency from the safe self-custody of a decentralized wallet.

The debut coincides with recent incidents that have undermined investor confidence and brought to light the significant security and performance trade-offs that investors are compelled to make when trading on either centralized or decentralized crypto asset exchanges.

Investors are required to transfer their money to an exchange-managed wallet, which is susceptible to fraud or hacking, even though centralized exchanges often offer greater liquidity, lower latency, and narrower spreads.

What does Ankex offer?

Ankex, situated in Panama City, intends to incorporate the best features of both centralized and decentralized exchanges, including DeFi-style self-custody services and an enhanced user interface.

An announcement states that traders on Ankex will store their assets in Qredo’s “Vaults.” These accounts divide and disperse users’ private keys among many data centers using multi-party computation (MPC). The Layer 2 network of Qredo, Qredochain, oversees those data centers.

Following the catastrophic collapse of FTX, many people have been calling for features like real-time verification of proof-of-reserves across all exchange participants and thorough proof-of-liquidation reporting.

About Qredo

Qredo is a decentralized digital asset management firm and product suite for institutional investors in digital assets and Decentralized Finance (DeFi). Users can easily transfer and settle BTC, ETH, BNB Chain, Solana, Polkadot, and ERC-20 tokens because of its Layer 2 blockchain system. In addition, the advanced Gen 2.0 multi-party computation (MPC) from Qredo, which offers tier-1 bank security and institutional-grade governance, secures assets.

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