Jump to content

Archax (company)

Add links
From Wikipedia, the free encyclopedia
Archax
Company typePrivate
Founded2018; 6 years ago (2018)
FounderGraham Rodford, Andrew Flatt, and Matthew Pollard
Headquarters
London
,
UK
Websitearchax.com

Archax, based in London, is the UK's first FCA-regulated digital asset exchange, brokerage, and custodian, and was also the first entry on the FCA's Cryptoasset Register.[1][2][3][4]

History[edit]

Archax was founded by Graham Rodford, Andrew Flatt, and Matthew Pollard in London, in April 2018.[5][6][7][8] In August of the same year, the company partnered with Custom House Global Fund Services (now part of Apex) to enhance its anti-money laundering measures to attract City firms to the digital currency market.[9][10] In February 2019, SPiCE VC invested by taking a stake in Archax.[11] In July, the company signed a partnership with Globacap, a regulated primary issuance platform for the security, to utilize Archax as a secondary market for the digital securities.[12][13]

In August 2020, Archax announced becoming the first FCA-regulated digital securities exchange, broker and custodian in the UK, as well as being the first firm on the FCA's new Cryptoasset Register. According to Bloomberg, Archax had asked the UK Financial Conduct Authority to regulate it.[14][15][16] At the same time, the company partnered with blockchain provider Algorand to work on new innovative smart financial products that will trade on its FCA regulated exchange.[17][18]

In October, Archax closed its seed raise with a total funding of $8 million.[19][20][21][22]

In August, Abrdn bought a stake in the digital assets exchange Archax.[23][1][2][24]

In November, Archax completed its Series A funding round, raising $28.5 million.[25][26]

In June, Archax launched prototypes of digital versions of FTSE100 shares and UK government bonds on the blockchain.[27][28][29][30]

In February, Archax introduced its Stablecoin Yield Service, enabling stablecoin holders to transform their assets into yield-generating options. The service includes access to regulated Money Market Funds (MMFs), which are offered in both traditional and tokenized formats.[31][32][33][34]

In April, Archax expanded its tokenized fund shares to include the BlackRock ICS US Treasury money market fund in partnership with the HBAR Foundation.[35][36]

References[edit]

  1. ^ a b "Tougher UK crypto regime sparks boom for compliance advisers". www.ft.com. Retrieved 2024-05-31.
  2. ^ a b "Abrdn buys stake in digital assets exchange Archax". Reuters. 2022-08-12. Retrieved 2024-05-31.
  3. ^ Laurent, Lionel (10 December 2021). "Even the Smartest Investors Fall for Crypto FOMO". bloomberg.com. Retrieved 2024-05-31.
  4. ^ Nkwocha, Kizzi. The Book of Money and Finance: Valuable strategies to help you achieve financial freedom. Athena Publishing.
  5. ^ Goss, Louis (2022-08-13). "Abrdn snaps up stake in London crypto startup Archax". CityAM. Retrieved 2024-05-31.
  6. ^ Basar, Shanny (2021-12-15). "Archax Nears Launch of UK Regulated Digital Asset Exchange". Markets Media. Retrieved 2024-05-31.
  7. ^ "Abrdn buys stake in digital assets exchange Archax". Yahoo Finance. 2022-08-12. Retrieved 2024-05-31.
  8. ^ Daniel, Alex (21 March 2023). "Archax's crypto believer boss Graham Rodford: 'We enable Abrdn to be more dynamic' on digital assets". fnlondon.com. Retrieved 2024-05-31.
  9. ^ Parkin, Darren (2023-10-08). "Crypto firms told they have three months to fall in line with FCA's new marketing rules". CityAM. Retrieved 2024-05-31.
  10. ^ Bobeldijk, Yolanda (12 August 2018). "London crypto exchange Archax bolsters fraud defences". fnlondon.com. Retrieved 2024-05-31.
  11. ^ Fries, Tim (2019-02-13). "SPiCE Venture Capital Invests in London-based Digital Securities Exchange Archax". Tokenist. Retrieved 2024-05-31.
  12. ^ Fries, Tim (2019-07-05). "Security Token Issuance Platform Globacap Partners with Archax". Tokenist. Retrieved 2024-05-31.
  13. ^ Stoner, Joshua (2020-07-12). "Globacap integrará servizos con Digital Exchange Archax". www.securities.io (in Galician). Retrieved 2024-05-31.
  14. ^ Marsh, Alastair (9 May 2019). "SocGen Introduces Crypto to a $2 Trillion Market". bloomberg.com. Retrieved 2024-05-31.
  15. ^ "Institutional-grade digital asset exchange Archax secures FCA authorisation". Finextra Research. 2020-08-19. Retrieved 2024-05-31.
  16. ^ Smith, Annabel (19 August 2020). "Archax becomes first FCA regulated UK digital securities exchange - The TRADE". www.thetradenews.com. Retrieved 2024-05-31.
  17. ^ "Archax to create new product range with Algorand". Church International. 2020-08-27. Retrieved 2024-05-31.
  18. ^ "Algorand and Archax partner for new wave of sophisticated financial products". algorandtechnologies.com. 27 August 2020. Retrieved 2024-05-31.
  19. ^ "Digital asset exchange Archax closes $8 million seed round". QBN Capital. 2020-10-15. Retrieved 2024-05-31.
  20. ^ "Archax closes overfunded seed raise – Company Announcement - FT.com". markets.ft.com. 15 October 2020. Retrieved 2024-05-31.
  21. ^ "Digital asset exchange Archax closes $8 million seed round". Finextra Research. 2020-10-15. Retrieved 2024-05-31.
  22. ^ Novac, Dragos. "Archax secured funding totalling $8m to date from Alameda Research, Amnis Ventures, Bridgetower Capital et all". Nordic 9. Retrieved 2024-05-31.
  23. ^ "Abrdn buys stake in digital asset exchange Archax". Finextra Research. 2022-08-12. Retrieved 2024-05-31.
  24. ^ Insights, Ledger (2023-06-08). "Abrdn tokenizes money market fund on Hedera with Archax". Ledger Insights - blockchain for enterprise. Retrieved 2024-05-31.
  25. ^ Bray, Wesley (November 9, 2022). "abrdn leads $28.5 million Series A funding round for Archax - The TRADE". www.thetradenews.com. Retrieved 2024-05-31.
  26. ^ "Archax Closes $28.5m Series A Raise in Preparation for Launch and Scaling". UNLOCK Blockchain. 2022-11-08. Retrieved 2024-05-31.
  27. ^ Daniel, Alex. "Archax pilots digital FTSE 100 stocks and gilts on blockchain". www.fnlondon.com. Retrieved 2024-05-31.
  28. ^ "Digital asset exchange tokenises stake in £16bn abrdn money market fund". investmentweek.co.uk. 2023-06-08. Retrieved 2024-05-31.
  29. ^ Shome, Arnab (2023-07-26). "Archax Launches Institutional Crypto Exchange, Lists 2 Pairs". Financial and Business News | Finance Magnates. Retrieved 2024-05-31.
  30. ^ "Archax Unveils 24x7 Crypto Exchange Tailored for Institutional Investors". A Team. 2023-07-27. Retrieved 2024-05-31.
  31. ^ "Archax Introduces Yield-generating Service for Stablecoins". The Tokenizer. 2024-02-23. Retrieved 2024-05-31.
  32. ^ Faridi, Omar (February 26, 2024). "Archax, the UK FCA Regulated Digital Asset Exchange, Introduces Stablecoin Yield Service". crowdfundinsider.com. Retrieved 2024-05-31.
  33. ^ Steves, Rick (2024-02-23). "Archax launches Stablecoin Yield Service". FinanceFeeds. Retrieved 2024-05-31.
  34. ^ "Archax Introduces Crypto/ MMF Trading Pairs". Financial and Business News | Finance Magnates. 2023-10-10. Retrieved 2024-05-31.
  35. ^ Basar, Shanny (2024-04-24). "Archax Adds Tokenized Blackrock Money Market Fund". Markets Media. Retrieved 2024-05-31.
  36. ^ Murithi, Kelvin Munene (2024-04-23). "Breaking: Hedera and Archax Enable First Tokenized BlackRock MMF Shares". CoinGape. Retrieved 2024-05-31.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Archax_(company)&oldid=1227185155"