Amsterdam-based D2X, a crypto derivatives exchange for institutions, announced on Thursday that it has secured $10M (approximately €9.1M) in a Series A round of funding led by Point72 Ventures.
Other participants in the round included GSR Markets alongside existing investors.
The Dutch company has become the first entity in the European Union to secure a MiFID MTF license for cryptocurrency derivatives, granted by the Dutch Authority for Financial Markets (AFM).
It authorises D2X to operate a regulated trading venue for cash-settled crypto futures and options.
Additionally, D2X has partnered with a Tier-1 EU credit institution to enable off-exchange collateral accounts and offer 7-day trading, launching in Q2.
By combining features from both traditional finance and crypto, the Amsterdam-based company aims to meet the increasing institutional demand for digital assets. This is reinforced by connectivity from Talos and liquidity from market-makers, such as Flow Traders.
The announcement comes two years after D2X raised €5M in funding in a Seed round led by Tioga Capital Partners in 2022.
Frederic Colette, incoming Chief Executive Officer at D2X says, “With the approval of our MiFID licence, we are aiming to set a new benchmark for reliability in the digital assets space. D2X is paving the way for financial institutions to safely enter the crypto derivatives market, and we are dedicated to ensuring their security and success every step of the way.”
D2X: Crypto derivatives exchange
D2X is launching the first regulated (MiFID II) crypto futures & options trading venue out of the Netherlands to facilitate the institutional adoption of the asset class.
The company aims to bridge the gap between traditional finance and the digital asset ecosystem.
Its initial product listing is set to feature cash-settled EUR-denominated BTC and ETH derivatives.
Theodore Rozencwajg, Co-Founder & Chief Commercial Officer at D2X, says, “Financial institutions face a tough choice when deciding where to trade. Regulated trading venues have limitations in trading hours and capital efficiency while crypto-native exchanges present credit risk and remain largely unregulated. D2X solves this and we are thrilled to launch later this year – a pivotal moment in our ambition to pioneer next-generation market infrastructure.”
The investor
Point72 Ventures is an every-stage global VC fund that focuses on fintech, deep tech, and enterprise investments.
Adam K. Carson, Partner at Point72 Ventures comments, “Point72 Ventures is thrilled to support D2X on its mission to revolutionise the crypto derivatives market. Their dedication to providing a regulated trading venue for institutions, coupled with their innovative approach, has the potential to make transformative changes in the industry. We’re excited to be part of this journey.”
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