Crypto Exchange Archax To Launch FCA-regulated Digital Asset Custody Service
- With the approval of authorities, the UK-licensed cryptocurrency exchange Archax has begun offering a custody service for digital assets.
- The service is a partnership between Archax and Swiss multi-party computation technology provider Metaco and will be launched using IBM Cloud, a battle-tested key security environment familiar to many of the world’s big banks.
Archax, a cryptocurrency exchange regulated by the UK FCA, has launched a digital asset custody service.
The service is a partnership between Archax and Swiss multi-party computation (MPC) technology provider Metaco and will be launched utilizing IBM Cloud, a tried-and-true key security environment that many of the major institutions across the world are accustomed to. All custodial assets will be fully segregated, meaning that if the trading business goes bankrupt, custodial assets will not be included in any bankruptcy proceedings, Archax said.
Graham Rodford, CEO and co-founder of Archax, commented in a statement:
“The recent turbulent times in crypto markets emphasise the need for credible and secure custody solutions, run by businesses with strong corporate governance, and with all the right controls and processes that institutions both need and expect. We do just that – operating our service using a fully segregated and insolvency-remote structure to ensure client assets are always held and backed 1 to 1 and so are safe. Although some assets, like cryptocurrencies, are unregulated, we operate our solution in the same regulated way, wherever possible, regardless of asset type, so ensuring unparalleled levels of service and security for all types of digital asset.”
According to previous news, in November last year, Archax completed a $28.5 million Series A financing, led by the investment company abrdn and participated by Bitrock Capital, Blockchain Coinvestors and the Tezos Foundation.
Founded in 2018, Archax is currently the only digital securities exchange approved by the UK Financial Conduct Authority (FCA). It has obtained licenses covering trading, custody and brokerage businesses. European asset management company Abrdn is its largest external shareholder.
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