The funding round comes ahead of Archax’s upcoming plans to offer a range of regulated crypto exchange traded products (ETPs).
Learn more about the five firms shortlisted for our Editors’ Choice Award for Best Challenger Exchange, a new category for this year: including Archax, FTX, IEX, MEMX and MIAX.
The move will allow abrdn to offer clients new investment opportunities through digital securities.
Malcolm Ford joins Archax as head of institutional sales after previous roles at CMC Markets, Instinet, KCG, Morgan Stanley and Credit Agricole Cheuvreux.
Archax originally targeted $5 million but the seed round was extended allowing it to exceed this and reach a total of $8 million funding raised to date.
Archax has become the first digital securities exchange in the UK to be regulated by the FCA, as well as receiving FCA crypto asset registration.
David Lester speaks to The TRADE Crypto about his latest venture with former senior hedge fund executives from Omni Partners.
David Lester, who was with LSEG for 16 years, has joined Archax as the startup launches its institutional-grade cryptocurrency exchange.