Company Announcements

Archax closes overfunded seed raise

Source: RNS
RNS Number : 2318C
Archax Ltd
15 October 2020
 

Archax successfully closes overfunded seed raise
 in preparation for exchange launch

Adds significant VCs with track record in digital/blockchain space to cap table

 

15th October 2020 - Archax, the first FCA-regulated digital securities exchange, today announced that it has successfully closed its seed raise, providing the regulatory capital and runway needed to launch. Originally targeting $5m, the raise was then extended, and the company has now secured 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, comments: "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."

 

The recent FCA regulations are a key differentiator for Archax, and they were picked up on as a key aspect of the business's strategy by several of the investors:

 

Sam Bankman-Fried, CEO at Alameda Research, comments: "We are impressed with the groundwork done by the Archax team to establish themselves within the UK regulatory framework and are very excited to take part in this funding round as they prepare to launch."

 

Warren Wang, CEO of Hudson Capital, adds: "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. We are committed to further supporting Archax in building a worldwide ecosystem of next-generation digital assets under their FCA regulation." 

 

Ivailo Jordanov, Partner at 7percent Ventures, adds: "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."  

 

Although UK based and regulated by the FCA, Archax is very much a global initiative. The business has firm plans to expand both geographically and with the range of innovative products and services that it offers - also picked up on as key element of its strategy by some of the other investors:

 

Alex Felix, Managing Partner at CoinFund, comments: "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, adds: "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."

 

Archax CEO Rodford, concludes: "We are really pleased and honoured to have such important and visionary investors from the digital/blockchain space invested and involved in Archax. They all bring all sorts of value over and above just funding, and we look forward to working with them as true partners as the Archax business rapidly scales and evolves".

 

- Ends -

 

 

 

About Archax

Archax is a global, regulated, digital securities exchange, brokerage and custodian based in London. Founded by experts from the regulated financial markets world and backed by an accomplished advisory board, Archax offers a credible bridge between the new blockchain-centric crypto community and the traditional investment space.

 

Archax was the first ever firm to receive FCA regulation as a digital securities exchange, custodian and brokerage. It was also the first ever firm to be listed on the FCA's cryptoasset 5MLD register.

 

Archax has been designed specifically for institutional investors to trade in digital securities, and is built using existing, proven, resilient, scalable, high-performance exchange infrastructure, hosted in top-tier datacentre space, and integrated into existing institutional trading workflow.

 

www.archax.com 

 

 

Contact:                     Archax                       

                                    Simon Barnby                         

                                    CMO                                       

         simon@archax.com 

                                         

 

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NRABBBDGCGBDGGU
image