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

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

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

“We are extremely pleased that we were able to complete a round of this size during the turbulent traditional and crypto financial market conditions of the past few months. It’s also great to have such credible and strategic investment partners involved in the raise, led by abrdn. We look forward to the next phase of the Archax journey as we move to launch and beyond with these partnerships established,” said Graham Rodford, CEO and co-founder of Archax.

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

The commercial team said it will use the new capital to accelerate its platform launch and scale its already defined product offerings.

As one of the few entities authorized by the FCA, Archax is looking to launch a wide range of Exchange Traded Products (ETPs), an offering it says will be available soon. With the confidence it has received from its investors, Archax is optimistic about deploying the funds to meet all of its targets as it seeks to show how robust the UK is with regards to digital evolution.

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