D2X raises $5 million as EU race for compliant crypto derivatives heats up

Amsterdam-based crypto exchange D2X has raised €4.3 million ($5 million) in fresh capital as demand accelerates for regulated crypto derivatives across Europe.

The round, led by CMT Digital, Circle Ventures, and Canton Ventures, reinforces D2X’s strategy to provide a MiFID II-compliant venue for institutional clients seeking exposure to Bitcoin and Ethereum derivatives. The funding was first reported by Silicon Canals.

The investment follows last year’s €9.1 million Series A and comes at a time when traditional financial players are increasingly exploring digital asset markets.

With a Multilateral Trading Facility (MTF) licence granted by the Dutch Authority for Financial Markets (AFM), D2X is among the first in the EU to offer a legally recognised path for institutional crypto derivatives trading.

Capital support expands beyond new backers

The latest fundraising round saw follow-on participation from prominent names including Point72 Ventures, Tioga Capital, GSR, and Fortino Capital.

These investors had backed the firm’s 2023 Series A round, which was key to D2X becoming the first crypto exchange in the European Union to secure a MiFID-compliant MTF licence.

The fresh €4.3 million will help D2X build out its product suite and speed up the onboarding process for Tier-1 institutions.

Its platform currently supports USD- and EUR-denominated Bitcoin and Ethereum futures. Options contracts are also expected to launch soon.

Institutional demand for regulatory clarity and seven-day trading infrastructure has been growing.

D2X’s architecture is tailored to accommodate the 24/7 nature of crypto markets while remaining in line with European financial compliance norms.

Focus on dollar-settled crypto futures

A major addition to D2X’s offering is its recent launch of USD-based futures for BTC and ETH.

These contracts cater specifically to institutions requiring dollar-settled instruments and seek exposure through regulated channels.

With real-time USD exposure, MiFID II oversight, and a weekend-ready setup, D2X is positioning itself as a key player in Europe’s evolving crypto derivatives market.

The exchange’s ability to serve institutional clients without routing them to offshore venues marks a distinct competitive edge.

The firm was founded by Theodore Rozencwajg, Don van der Krogt, and Laetitia Grimaud. Its primary focus remains building infrastructure to support compliant access to digital asset derivatives in Europe.

Coinbase ramps up US offering for retail traders

The European expansion by D2X parallels a broader regulatory shift happening in the United States.

Coinbase, the largest US-based exchange, launched CFTC-regulated nano Bitcoin and Ethereum perpetual futures last week.

These products allow retail traders to access up to 10x leverage in a fully regulated environment.

Offered through Coinbase Financial Markets, the contracts are settled in USD and mirror the characteristics of traditional perpetual futures, including five-year expirations and hourly funding rates.

The offering is available 24/7 and charges low taker fees starting at 0.02%.

Historically, retail traders in the US have been pushed to unregulated offshore platforms for derivatives trading.

Coinbase’s latest move aligns with Commodity Futures Trading Commission (CFTC) standards, creating a compliant alternative to riskier venues.

Institutions seek safety and structure in digital markets

Both D2X and Coinbase are responding to an uptick in institutional and retail interest for safe, regulated crypto derivatives.

With MiFID II regulation in Europe and CFTC compliance in the US, the trend points towards a more structured future for digital asset trading.

The race to capture this demand is unfolding on both sides of the Atlantic.

While D2X focuses on institutional clients in Europe, Coinbase is targeting retail investors in the US, each leveraging regulatory clarity to build long-term trading infrastructure.

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