Abrdn, an investment firm with more than $619 billion in assets under management, cryptocurrency and digital asset exchange Archax has become its largest external shareholder.
Archax Is The UK’s Only Regulated Cryptocurrency Exchange
Founded in 2018, Archax is the UK’s first regulated digital stock exchange. In a news release published Friday, the company stated that it provides institutional investors access to blockchain-based assets.
since January bitcoin and cryptocurrency companies must be registered and approved with the Financial Conduct Authority (FCA) to operate in the UK. According to the statement, Archax became the only exchange to receive regulatory approval.
In the statement, it was stated that Archax has obtained the permits covering trade, custody and brokerage and will be operational within this year.
Abrdn’s stake in Archax will give the asset manager a seat on the company’s board of directors. This marked the company’s first major move towards digital assets.
Founded in 1825 and formerly known as Standard Life Aberdeen, investment firm Abrdn offers investment solutions, tools and technologies for financial advisors, and a range of investment services focused on the personal wealth business.
According to the statement, the company plans to use the stake in Archax as a way for investors to access opportunities within digital securities and connect to existing offerings through “tokenization.”
Abrdn CEO Stephen Bird, whose views were included in the statement, said:
“Together with Archax, we will have a meaningful presence in this rapidly developing market, which is likely to evolve in many different ways related to our core business.”
*Not investment advice.
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