Scotland-headquartered investment company abrdn has acquired a stake in London-based digital asset exchange Archax for an undisclosed sum, according to a Reuters report.
The stake acquisition makes abrdn the largest external shareholder with a seat on the Archax board.
"Blockchain technologies are inevitably going to form a big part of the future of financial markets," abrdn chief executive Stephen Bird said.
The news follows a dramatic recent push into the crypto space for global institutional investors including BlackRock, who recently launched a spot Bitcoin private trust.
When Archax launched in 2018, it became the first digital asset exchange to be regulagted by the Financial Conduct Authority.
Archax’s board of advisors includes Royal Bank of Canada (TSX:RY) chairman David Bucklet, and David Lester, former chief strategy officer of the London Stock Exchange.