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Abrdn buys stake in digital assets exchange Archax

·1-min read
FILE PHOTO: Businessman toy figure is placed on U.K. Pound coins in front of displayed Abrdn logo in this illustration taken

LONDON (Reuters) - 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.

(Reporting by Iain Withers; editing by David Evans)