abrdn: Abrdn buys stake in digital assets exchange Archax 

British asset manager Abrdn has bought a stake in digital asset 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.

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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.

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"Blockchain technologies are inevitably going to form a big part of the future of financial markets," Abrdn Chief Executive Stephen Bird said.

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.

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