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In August, London-based digital asset exchange Archax announced that major UK asset manager abrdn was investing an undisclosed amount. According to regulatory filings, the company recently issued shares worth ?29 million ($32m), including ?5 million relating to the conversion of an existing loan note, giving ?24 million ($27m) in new funds. The company’s valuation has reached ?150 million ($170m).
Archax plans to launch its institutional digital asset exchange in the current quarter, covering both cryptocurrencies and digital securities. It has FCA regulatory approval to operate a multilateral trading exchange, provide custody and a crypto-asset AML license.
The company started by focusing on digital securities or security tokens, including tokenized stocks, bonds, funds, carbon credits and other assets. Abrdn’s strategic investment will include tokenizing funds.
In October, Archax set up a carbon-related company, and last month it inked a deal with Singapore’s BondEvalue to act as a broker on the fractional bond exchange BondbloX. Archax additionally has subsidiaries in Gibraltar and the Philippines.
In the last calendar year, the group made a loss of ?5.7 million, bringing cumulative losses since formation to ?9.1 million ($10m).
