British crypto exchange Archax raises $28.5 million

The licensed British exchange Archax has raised $28.5 million in a Series A round.

We are proud to announce closing our Series A round having raised $28.5m, led by @abrdn_plc.

Investors in this round include @Bitrockcapital, @BCoinvestors, @CEInnovationCap, @keiretsucapital, @LingfengCapital, Mathrix AG, @SGHCAPITAL & @TezosFoundation.https://t.co/JM2UGq8Czq

— Archax (@ArchaxEx) November 8, 2022

Participants included Bitrock Capital, Blockchain Coinvestors and the Tezos Foundation. The round was led by the investment firm Abrdn. The latter manages assets worth $619 billion and is the largest shareholder of the regulated exchange.

Archax offers institutional investors a platform to store and trade a range of digital assets and securities.

In October 2020, the startup closed a seed round of $8 million. Developers are currently focused on expanding the range of regulated exchange-traded products. 

As reported in August, the UK regulator approved tougher rules to counter misleading advertising related to high-risk investment products.
 
In October, the House of Commons backed legislative changes that bring digital assets within the remit of regulated financial services.

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