Abrdn Buys Stake In Digital Assets Exchange Archax

ndtv.com:

Abrdn's move reflects a wider surge in interest in digital assets from institutional investors.

British asset manager abrdn has bought a stake in digital assets exchange Archax, amid a wider push by investors into crypto-assets despite a recent plunge in value.

The stake, acquired for an undisclosed sum, gives abrdn a seat on the board at Archax and makes the asset manager its largest external shareholder, an abrdn spokesperson said.

Founded in 2018, Archax provides access to blockchain-based digital assets and became the first digital securities exchange to win regulatory approval from the Financial Conduct Authority, abrdn said in a statement.

"Blockchain technologies are inevitably going to form a big part of the future of financial markets," abrdn Chief Executive Stephen Bird said.

The deal was first reported by the Financial Times.

Abrdn's move reflects a wider surge in interest in digital assets from institutional investors.

The world's biggest asset manager Blackrock launched a spot bitcoin private trust for institutional clients earlier this month, and has partnered with cryptocurrency exchange Coinbase to provide some of its services to clients.

Abrdn reported lower-than-expected profits earlier this week as turbulent markets dented its performance, and warned it would take longer to grow its revenues.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)