British asset manager abrdn buys stake in crypto exchange

British asset manager abrdn buys stake in crypto exchange

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

An abrdn spokesperson said that 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.

Archax was founded in 2018, and became the first digital securities exchange to receive regulatory approval from the Financial Conduct Authority.

Stephen Bird, CEO of abrdn, said that blockchain technologies are going to be a big part of the future of financial markets.

The deal was first reported by the Financial Times.

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

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

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