Abrdn buys stake in digital assets exchange Archax
LONDON, Aug 12 (Reuters) - British asset manager abrdn ABDN.L 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 BLK.N launched a spot bitcoin private trust for institutional clients earlier this month, and has partnered with cryptocurrency exchange Coinbase COIN.O 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.
Reporting by Iain Withers; editing by David Evans