13 April 2021, London: Archax, the only FCA regulated digital securities exchange, brokerage and custodian, has selected NorthRow, to provide an enhanced client due diligence process.
Cryptocurrency has gone mainstream as financial institutions look to invest in the digital asset space. A recent report by Fidelity Digital Assets found that 80% of U.S and European traditional investors consider cryptocurrency to be an appealing portfolio prospect. Also, the tokenisation of assets using blockchain technology to create regulated digital securities or security tokens and bring liquidity to markets is gaining traction.
Historically, the lack of regulation and risk management infrastructure around crypto investments has meant that traditional firms have avoided making a play in this new market. That is set to change with the first FCA regulated digital securities exchange from Archax. There is now more confidence and opportunity for the world of crypto assets.
Archax is leveraging tokenisation and blockchain technology to democratise financial markets and help bring liquidity to assets that are currently hard to trade – as well as to ultimately revolutionise all traditional financial markets, particularly in the post-trade space. The company is bridging the gap between the blockchain-centric crypto community and the traditional investment space.
To further support institutional investor confidence, Archax has partnered with NorthRow, a leading supplier of digital compliance solutions. Archax now has the ability to deliver robust client due diligence processes, monitor their clients risk-status on an ongoing basis, offer an effortless remote customer onboarding experience, and ensure the highest levels of anti-money laundering regulatory requirements are met. The partnership will enable Archax to truly understand its customers throughout their customer lifecycle from the point of onboarding through to ongoing monitoring.
In order to achieve its targeted growth Archax needed a partner that understands it’s not just a data driven conversation, it’s about working with a partner that can provide the insight to customer behaviour when it comes to compliance. By using NorthRow’s technology, Archax will also benefit from operational efficiencies which ultimately support the Archax business goals.
“As the first firm to be listed on the FCA’s cryptoasset register, delivering and conducting KYC/AML checks on our customers is critical. Archax needed a partner that shares its mantra of speed, security and user experience. Our new relationship with NorthRow has made this possible. By accelerating our customer due-diligence processes, Archax users will benefit from a great user experience whilst we ensure we meet the highest levels of compliance,” says Andrew Flatt, CTO of Archax.
“We’re excited to bring our experience and technology to the partnership with Archax. Our delivery of digital compliance solutions fits well into this exciting and emerging world of digital asset exchanges. The partnership will complement our strategic focus on delivering digital transformation to the regulated sectors and our joint efforts will enable us to push the future of cryptocurrencies exchange and brokering.” says Adam Holden, CEO, NorthRow
Archax is a global, regulated, digital asset exchange, brokerage and custodian based in London. Founded by experts from the financial markets world and backed by an accomplished advisory board, Archax offers a credible bridge between the blockchain-centric crypto community and the traditional investment space.
Archax is the first ever firm to receive FCA regulation as a digital securities exchange, custodian and brokerage. It was also the first firm to be listed on the FCA’s Crypto Asset Register as a VASP (Virtual Asset Service Provider).
Archax has been designed specifically for institutional investors to trade in cryptocurrencies and other digital assets, and is built using existing, proven, resilient, scalable, high-performance exchange infrastructure, hosted in top-tier datacentre space, and integrated into existing institutional trading workflow.
NorthRow, founded in 2010, delivers digitised compliance solutions to regulated businesses to support the fight against financial crime. Our SaaS technology provides automated solutions for client onboarding, ongoing monitoring and remediation.
Focussed on innovation we deliver fast, cloud-based technology to ensure we solve the compliance challenges threatening regulated businesses.
NorthRow simplifies the complexity of compliance throughout the customer lifecycle, improving operational efficiency and customer experience, whilst reducing our client’s time to revenue.