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Abrdn buys stake in crypto trading firm

Crypto exchangeUK asset manager abrdn has become the largest external shareholder in Archax, a digital securities exchange set to launch in the UK later this year.

Archax describes itself as an exchange set up for institutional investors looking to invest in blockchain-based digital assets that will act as a bridge to traditional capital markets.

Archax also claims to be the only digital securities exchange to be approved by the UK’s Financial Conduct Authority, allowing it to offer trading, custody and brokerage of digital assets.

According to abrdn chief executive Stephen Bird, the investment in Archax will give the fund manager “a meaningful footprint in this fast-developing market”.

“Blockchain technologies are inevitably going to form a big part of the future of financial markets,” said Bird. “There is the potential to offer greater transparency, greater speed and less trading friction by using these nascent digital technologies.”

Financial details of the deal were not disclosed.

©2022 fundsTech

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