London-based Archax announced today (Wednesday) the launch of its institution-focused cryptocurrency exchange, which will be operational around the clock. The exchange is focused on catering to the demand from professional and institutional clients.
Institutional Crypto Exchange by Archax
Initially, the exchange has listed only BTC and ETH against USD. However, it plans to add more trading pairs in the coming weeks and throughout the rest of the year.
“We are thrilled to launch our crypto exchange, delivering a comprehensive and innovative trading platform for professional investors,” said Graham Rodford, the CEO and Co-Founder of Archax.
“By combining our institutional know-how, regulatory expertise, advanced technology, and strong partnerships, we are empowering institutions to navigate the digital asset market with confidence and efficiency.”
Watch Archax's CMO, Simon Barnby, speaking in a panel discussion at FMLS22.
Rising Demand for Crypto among Institutions
The institutional crypto institutional has skyrocketed over the years. Several established financial industry players, including TP ICAP, have launched institution-focused crypto exchanges. Operating with authorization from the Financial Conduct Authority (FCA), Archax is one of the front runners in the race to offer crypto services to institutions.
According to the official press release, Archax offers API connectivity to its crypto exchange for integration with institutional trading systems and workflows.
The institutional exchange proceeded Archax after it launched an insolvency remote custody offering. The two platforms are now complementing each other’s services. Last year, the company raised $28.5 million for scaling up the launch of its products and services.
“The ability to securely hold digital assets, traditional securities and fiat assets in custody, while also having access to the new crypto exchange and crypto OTC service, creates real utility for clients looking to safely and efficiently navigate the digital asset landscape,” Archax stated.
While some companies are launching crypto exchanges for institutions, a few existing firms have shuttered their services. American investment bank TD Cowen closed down its cryptocurrency unit, Cowen Digital, in early June, just a year after its launch, clsoed down without providing any proper explanation. Further, Digital Currency Group (DCG) shuttered its trade execution and prime brokerage subsidiary, TradeBlock, on May 31, citing the concerns of the broader economy and regulatory uncertainties in the United States.
