Digital Assets Outfit Archax Raises $28M in Series A Funding Round

London-based digital assets exchange, Archax has announced the conclusion of its Series A funding round in which it pulled the sum of $28 million from investors.


As announced by the firm, the funding round was led by abrdn and enjoined participation from Bitrock Capital, Blockchain Coinvestors, CE Innovation Capital, Keiretsu Capital, Lingfeng Capital, Mathrix AG, SGH Capital, and The Tezos Foundation.

Archax comes off as the only blockchain-based trading outfit licensed by the Financial Conduct Authority (FCA) to trade all kinds of digital assets including crypto and securities. That the company could pull such massive funding at a time when the cryptocurrency ecosystem and the global economic outfit, in general, are reeling from bankruptcies across the board.

“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. It is also fantastic to have such credible and strategic partner investors involved in the raise too – led by abrdn. We look forward to the next phase of the Archax journey as we scale up for launch and beyond with these partnerships in place,” said Graham Rodford, CEO and co-founder of Archax.

With the implosion of FTX Derivatives Exchange, the attractiveness of crypto trading platforms has remained bleak over the past year, however, Archax’s proposition is one that extends to cover all aspects of digital evolution.

The trading outfit said it will use the new capital to fasttrack its platform launch and to scale its already defined product offerings. 

As one of the few licensed entities by the FCA, Archax seeks to launch a wide range of Exchange Traded Products (ETPs), an offering it claims will soon be made available. With the trust it received from its investors, Archax is optimistic to deploy the funds to meet all of its targets as it looks to showcase how robust the United Kingdom is with respect to digital evolution.

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Abrdn Joins Hedera Governing Council after Archax Investment

Legacy investment management firm, Abrdn has joined the Hedera Governing Council as it looks to deepen its foothold in the digital currency and blockchain ecosystem.


According to Duncan Moir, senior investment manager at Abrdn, who spoke in an interview with the Block, the firm is focused on tokenization as it wants to explore new trading capabilities for its investors. 

As a member of the Hedera Governing Council, Abrdn will join the likes of DBS, Google, IBM and Standard Chartered, amongst others, to run nodes for the Hedera protocol and shape the future of the protocol by being a part of its decision-making process. Abrdn was integrated as a governing council member based on its significant interest and belief that blockchain is the next frontier in tech.

“We’re really long-term investors,” Moir, senior investment manager at Abrdn, said in the interview. “We see this as being a very long-term story for us and for the industry.” 

Blockchain technology is most renowned as a revolutionary tool to revamp the investment world. Moir is confident in the enterprise’s capabilities of the Hedera protocol and is ready to explore its capabilities to meet its long-term goals.

“I don’t think anybody is really, let’s say, full service. They’re very much focused on specific things, and they’ve been dipping their toes in,” Moir said of the capabilities of the blockchain-linked solution. “We want to go about it a bit more comprehensively.”

The choice of Hedera as the base protocol to advance its push is hinged on the sustainability of the protocol. Notably, Hedera Hashgraph was rated as the most sustainable protocol ahead of Algorand, Cardano, and Ethereum by researchers at the University College London (UCL).

While Hedera has made a name for itself in the enterprise world, it will need much more integrations like that being offered by Abrdn.

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UK Investment Firm Abrdn Acquires Online Crypto Broker Interactive Investor

Abrdn plc, a Scotland-based global investment company, announced on Tuesday that it has completed the acquisition of the online investment platform, Interactive Investor.

Abrdn, one of the largest asset management giants in Europe, finalized its purchase of Interactive Investor in a deal worth £1.49 billion.

The terms of the deal dictated that the Scottish investment giant entirely buy the UK’s second-largest investment platform, with approximately £59 billion in assets and over 400,000 customers.

According to the deal, Interactive Investor will continue operating as an independent business and independent brand.

Richard Wilson, the CEO of Interactive Brokers, will continue leading the online investment platform and will retain an executive committee management team with a newly appointed board.

Wilson talked about the development and said: “Today we join a company with a deep financial services history and a shared vision for the future. The opportunities that come with joining the Abrdn family are significant. We will be working with Abrdn’s talented team to harness their advice, wealth management and research capabilities for the benefit of our customers.”

Stephen Bird, Abrdn CEO, also stated: “The acquisition of interactive investor is a transformative deal for Abrdn’s personal vector and marks an important step forward in delivering our strategy for client-led growth.”

Interactive Investor is an online broker that enables customers to easily trade shares, mutual funds, money market funds, bonds, stocks, exchange-Traded Fund (ETFs), self-invested personal pensions (SIPPs), individual savings accounts (ISAs), and many more.

Interactive Brokers also allow customers to trade four cryptocurrencies, including Bitcoin and Ethereum, for one of the lowest commissions in the market. The platform lets users trade Bitcoin and Ethereum futures rather than owning cryptocurrencies directly. It currently only allows customers to trade crypto ETNs like XBT Provider Bitcoin Tracker EUR ETN and XBT Provider Bitcoin Tracker One ETN.

Abrdn’s long-term goal is to move Interactive Brokers more fully into its own platform to bring the online brokerage firm brand overseas.

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