Cryptocurrency exchange platform Archax conducted a funding round raising funds from a number of crypto venture and trading companies.
Archax seed round actually raised more funds than it initially aimed for. The seed round was extended to facilitate the increased demand of the project.
Archax seed round
Archax is an upcoming cryptocurrency exchange platform that recently concluded a seed funding round raising $8 million. The initial aim was to raise $5 million; however, the firm managed to raise $8 million due to its status as an FCA-registered exchange.
Archax seed round was led by SPiCE VC and saw participation from various other parties. These include other venture capital (VC) funds, Alameda Research, CoinFund, and Hudson Capital, among others.
Archax CEO Graham Rodford stated that while getting the FCA regulating and designing the trading platform were the team’s first milestones, they “obviously” needed the funds to meet the regulatory capital requirements to launch.
He added that it was “amazing” to close Archax seed round above target. He continued that it was especially amazing considering the “calibre” of the VCs that invested in the project.
Warren Wang, CEO of Hudson Capital, stated that the FCA-regulation provides confidence and a sense of security to Archax’s investors. After the seed round that closed above the target, Archax is ready for launch.
Archax received FCA approval and was registered in the United Kingdom as a crypto asset firm on August 18. This makes Archax the first crypto firm to be listed on FCA’s new regulatory instructions for crypto-related businesses. The directives by the FCA will be implemented starting January 2021.
The FCA gave approval to the Winklevoss twins’ Gemini exchange on August 19, placing it in the same category as Archax. Meanwhile, Kraken that claimed to have become UK’s first regulated exchange only been authorized for “specific activities and product types.” As such, it is not placed in the same category as Archax and Gemini.