Archax, the UK's only digital asset exchange to be licensed by the Financial Conduct Authority, has raised $28.5 million in a Series A fundraising round.

Investment firm Abrdn is the lead strategic investor in the round, according to a statement from the company. Other backers include Bitrock Capital, Blockchain Coinvestors and the Tezos Foundation. Archax allows institutional investors to custody and trade a variety of digital assets as well as traditional securities. 

The startup previously closed an $8 million oversubscribed seed round in October 2020. It is currently working on rolling out a range of regulated exchange-traded products, the company said in the release.