CryptoCurrency

Crypto Agency Archax Goals Scale Up amid $28.5M Sequence A Funding Spherical

$28.5M is raised in a Series A funding round by Archax.
A $285 million Series A fundraising round has been obtained by London-based cryptocurrency company Archax in order to expand its institutional digital asset platform. A press release stated that institutional investors and a strategic investor lead the round. The platform from Archax provides solutions for cryptocurrency exchange-traded products (ETPs), trading, and custody.
In addition to Bitrock Capital, Blockchain Coinvestors, CE Innovation Capital, Keiretsu Capital, Lingfeng Capital, Mathrix AG, SGH Capital, and The Tezos Foundation, Abrdn was the lead strategic investor in the investment round. Since its founding in 2018, Archax has been a fully compliant Digital Asset Service Provider (VASP), becoming the first company to receive crypto-asset registration from the Financial Conduct Authority (FCA) of the UK.
The current cryptocurrency winter, which has reduced institutional demand for cryptocurrencies, is coinciding with the funding round. Institutional investors, who have historically been significant participants in conventional equity markets, have expressed doubt and reluctance as a result. In spite of this, institutional investors should find Archax’s platform more appealing in the upcoming months.
In addition, Archax is developing a number of exchange-traded products (ETPs) for regulated cryptocurrencies, but it did not specify when they will be released.

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