Archax Secures $8m Funding
Archax, the FCA-regulated digital securities exchange, has completed its seed round, securing funding totalling $8m to date.
The most recent VC firms to invest include Alameda Research, Amnis Ventures, Bridgetower Capital, CoinFund, Edge196, Hudson Capital, QBN Capital and 7percent Ventures.
Graham Rodford, CEO of Archax, said: "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. 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."
Ivailo Jordanov, Partner at 7percent Ventures, said: "The rapid proliferation of digital assets across geographies and industries makes this the right time for a fully regulated digital assets exchange. We have been impressed with the way the team has navigated the regulatory environment and are excited to be backing them on this journey. Archax has plans to expand both geographically and with the range of innovative products and services that it offers.
Alex Felix, Managing Partner at CoinFund, said : "We're very excited about Archax's mission to kickstart the digital securities market in the UK and beyond. The ability for companies to access equity incentivization, automated compliance, global distribution, increased liquidity, and originate useful collateral for DeFi are just a few of the reasons we believe the market will quickly develop."
Philea Chim, Senior VP at QBN, said: "QBN has full confidence that the leadership of Archax can realise the full potential of digital assets. New types of digital securities, such as from trade finance or insurance, will create an exciting new market in London and will influence greatly the development of future digital trading hubs in the East."