In February 2024, D2X obtained the MTF (Multilateral Trading Facility) license according to the European Mifid regulation (Markets in Financial Instruments Directive), enabling the operation of its crypto derivatives platform. The system officially started operating in December of the same year, marking a significant advancement in the European digital investment market.
The process to obtain Mifid authorization took about two and a half years and involved the submission of detailed documentation with more than 2,000 pages. The license allows D2X to maintain a regulated market open seven days a week for trading digital asset derivatives. Additionally, the company received another license based on the Mica regulation (Markets in Crypto-Assets Regulation), which reinforces its compliance with the new European rules for crypto assets.
D2X currently conducts commercial operations from Luxembourg, leveraging the European passport of the Mifid license to offer its services throughout the European Union. However, the platform remains focused exclusively on institutional clients, such as banks, brokers, market makers, and investment funds. Thus, it does not trade cryptocurrencies directly, concentrating on derivatives trading for hedging strategies or market exposure.
Based on its structure and technological platforms, D2X aims to process between tens and hundreds of millions of transactions daily by the end of 2024. This target highlights the accelerated growth and adoption of the tool by financial institutions seeking regulated exposure in the crypto universe, especially in Europe. The choice of the Netherlands as the startup’s headquarters took into account the maturity of the local derivatives environment and the regulators’ experience.
Founded in 2019 in Amsterdam by Théodore Rozencwajg, Don van der Krogt, and Laetitia Grimaud, D2X has raised about 20 million euros since its creation. This amount includes pre-seed, seed, and Series A rounds, with the latest, carried out in 2024, moving 15 million euros between the main round and extension. The firm employed up to forty professionals at its peak, currently having about twenty dedicated technical and regulatory specialists.
After five years of continuous development, the company is analyzing strategic alternatives for its future path. Options include independent expansion or a merger with a larger financial market company. Consequently, the next step will be to define the organization’s direction in light of the growing demand and regulatory environment focused on financial products based on crypto assets.
