Digital asset exchange Archax closes $8 million seed round

Digital asset exchange Archax has closed an oversubscribed seed round, raising $8 million from a clutch of VC firms. Initially targeting $5 million, the round was extended to accommodate increased demand. The most recent VC firms to invest include, Alameda Research, Amnis Ventures, Bridgetower Capital, CoinFund, Edge196, Hudson Capital, QBN Capital and 7percent Ventures. Archax in August became the first-ever FCA regulated digital securities exchange and custodian in the UK, a factor that was picked up on as a key aspect of the business’s strategy by several of the investors. Warren Wang, CEO of Hudson Capital, says: "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." 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.”