(Rejected) Asset Management Firm Abrdn Acquires Stake of UK Digital Exchange Archax

British asset management company Abrdn has reached a shareholding agreement with the British digital security exchange Archax, becoming the largest external shareholder of Archax.

According to the official website of the UK Financial Conduct Authority (FCA), the authority issued a license for Archax in 2020, which reportedly makes Archax the first regulated digital security exchange custodian in the UK.

The specific amount of the shares has not been disclosed to the public.

Archax is a global, regulated digital asset exchange, brokerage, and custodian based in London. Founded by experts from the financial markets world and backed by an accomplished advisory board, Archax offers a credible bridge between the blockchain-centric crypto community and the traditional investment space.

Stephen Bird, CEO of Abrdn, said that blockchain technology will inevitably become an important part of the financial market in the future.

"Archax is one of the most promising UK players in this next expected high growth area in finance - the use of digital and tokenized securities with same-day settlement. In that sense, the growth of the digital investment market is about much more than cryptocurrencies," said Bird in the statement.

The partnership between Abrdn and Archax aims to provide an investment with a new way to invest in digital securities, connecting to existing products in new ways through tokenization.