Archax, the UK's only digital asset exchange to be licensed by the Financial Conduct Authority, has raised $28.5 million in a Series A fundraising round.
Investment firm Abrdn is the lead strategic investor in the round, according to a statement from the company. Other backers include Bitrock Capital, Blockchain Coinvestors and the Tezos Foundation.
Archax allows institutional investors to custody and trade a variety of digital assets as well as traditional securities.
"We are extremely pleased to have been able to complete a round of this size during the turbulent crypto and traditional financial market conditions of the last few months," Graham Rodford, CEO and co-founder of Archax, said in the release. "It is also fantastic to have such credible and strategic partner investors involved in the raise too – led by Abrdn."
Abrdn, which oversees more than $619 billion in assets under management, become the biggest external shareholder in Archax earlier this year.
The startup previously closed an $8 million oversubscribed seed round in October 2020. It is currently working on rolling out a range of regulated exchange-traded products, the company said in the release.
“Closing this round and beating our soft-close target in the prevailing market conditions with such a stellar list of investors not only shows their faith in Archax and our strategy for the digital space, but also for the UK as a global centre for innovation, blockchain and digital financial markets too,” Rodford said in the release.
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