Institutional digital asset exchange operator Archax has raised a total of $8 million in funding to provide its capital ahead of its launch.
The crypto venue said it has raised a total of $8 million to date after a recent funding round, with the most recent venture capitalist firms to invest including Alameda Research, Amnis Ventures, Bridgetower Capital, CoinFund, Edge196, Hudson Capital, QBN Capital, and 7percent Ventures.
Archax had originally been targeting $5 million to support its launch, but the firm extended the seed raise allowing it to exceed the target. The Institutional digital asset exchange operator said that its recent approval from the Financial Conduct Authority (FCA) had been essential to securing its funding.
“Getting our FCA regulation in place and building the exchange platform were huge first milestones for us. But we obviously also needed the funding in place to meet our regulatory capital requirements to launch,” said Archax chief executive, Graham Rodford. “To successfully close our seed raise, and beat our target in the process, was amazing – even more so when you consider the calibre of the VCs who have invested in us.”
Archax became the first FCA regulated digital securities exchange after receiving crypto asset registration from the UK watchdog in August earlier this year. The move meant that for the first-time digital issuances globally will be able to trade on an FCA authorised secondary market and institutions will have access to a regulated digital securities venue.
“It is our belief that the license from the FCA provides confidence and safety to Archax’s investors. Having closed the seed round above target, Archax is ready for a successful launch,” commented Hudson Capital chief executive, Warren Wang. “We are committed to further supporting Archax in building a worldwide ecosystem of next-generation digital assets under their FCA regulation.”