D2X Group

What D2X Group does

D2X Group N.V. is a privately held Dutch financial market infrastructure company founded in 2020 and headquartered in Amsterdam, Netherlands. It operates an institutional-grade digital asset derivatives exchange under the D2X Market brand, holding the EU's first MiFID Multilateral Trading Facility (MTF) license for crypto derivatives, granted by the Dutch Authority for the Financial Markets (AFM) and supervised by the AFM and DNB. The platform offers crypto futures and options with 7-days-a-week trading availability, USD-denominated settlement on Bitcoin and Ethereum futures, and off-exchange collateral solutions designed to reduce counterparty risk while maintaining regulatory compliance.

The platform is purpose-built for Tier-1 institutional clients, including banks, broker-dealers, asset managers, hedge funds, and proprietary trading firms seeking regulated exposure to digital asset derivatives. It addresses the structural tension institutions face between unregulated 24/7 venues (which carry counterparty risk) and regulated exchanges (which typically restrict weekend trading and impose higher collateral requirements). The core products are USD-denominated Bitcoin and Ethereum futures, alongside a regulated crypto options trading capability, all built on MTF infrastructure compliant with EU financial regulations.

D2X generates revenue through transaction fees on derivatives trading and recurring institutional services revenue. Pricing is not publicly disclosed and is handled through direct enterprise sales engagements. The company has raised approximately $15-16 million to date across multiple funding rounds, including a $10 million Series A led by Point72 Ventures in March 2024 and a €4.3 million strategic round in 2026 featuring Circle Ventures, CMT Digital, and Canton Ventures alongside renewed backing from existing investors. The team is led by co-founders Théodore Rozencwajg (CCO) and Don Krogt (CTO), with reported headcount between 11-50 employees.

Name

D2X Group

Legal name

D2X Group N.V.

Website

https://d2x.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

D2X Group operates an institutional-grade, EU-regulated digital asset derivatives exchange (MTF) offering crypto futures and options with 7-day-a-week trading and USD settlement, serving Tier-1 banks, broker-dealers, asset managers, hedge funds, and proprietary trading firms.

Ownership category

akta.pro rank

Product category

Crypto Derivatives Exchange

NAICS

Securities and Commodity Exchanges (52321), Commodity Contracts Intermediation (523160), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)

Keywords

• Regulated crypto derivatives
• Crypto futures exchange
• Institutional trading platform
• Digital asset derivatives
• MTF crypto exchange

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Crypto Derivatives Trading Fees: D2X generates revenue through transaction fees on futures and options trading for Bitcoin, Ethereum, and other digital assets on its regulated MTF platform.
2. Institutional Trading Services: Revenue derived from providing institutional-grade trading infrastructure including access to regulated crypto derivatives markets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

D2X Group operates a regulated European crypto derivatives exchange (MTF) offering institutional clients access to crypto futures and options trading on Bitcoin, Ethereum and other digital assets. The platform enables 7-days-a-week trading under AFM and DNB supervision, with USD-denominated settlement and off-exchange collateral solutions designed to reduce counterparty risk while maintaining full regulatory compliance.

Product overview

D2X Group operates a unified institutional-grade digital asset derivatives exchange offering crypto futures and options trading 7-days-a-week. The core platform, D2X Market, provides USD-denominated futures on Bitcoin and Ethereum following the company's 2024 acquisition of the EU's first MTF license for crypto derivatives. The platform is designed for Tier-1 institutional clients and operates under AFM and DNB supervision as a licensed investment firm.

Differentiator

Problem solved

Functional benefit

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• CirclecoreTechnology or IntegrationCircle is featured as a partner on D2X's website. Circle is the issuer of USDC stablecoin and provides payment infrastructure that may integrate with D2X's trading platform for institutional clients.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Bitfinex: Bitfinex offers crypto derivatives (perpetuals, futures) for sophisticated retail and institutional clients. Comparable as a derivatives-focused crypto venue, though it has faced regulatory headwinds and lacks D2X's EU MTF-licensed positioning.
• Coinbase: Coinbase operates regulated crypto trading venues in the US and EU and acquired Deribit. Directly comparable as a regulated institutional crypto venue, though broader in scope (spot, custody, derivatives) and materially larger in scale and capital base.
• OKX: OKX is a top-tier global crypto exchange with deep derivatives liquidity across futures, options, and perpetuals. Comparable on crypto derivatives product suite, but not EU MTF-licensed and significantly larger in scale — represents the offshore institutional flow D2X aims to redirect to a regulated venue.
• Bybit: Bybit is a major crypto derivatives exchange offering futures, options, and perpetuals to a global institutional and retail audience. Comparable on derivatives product set, but unregulated in the EU — competes for the same institutional crypto derivatives demand that D2X targets under a regulatory wrapper.
• Kraken: Kraken operates regulated crypto trading globally, including Kraken Futures. Comparable as a regulated institutional crypto venue with a derivatives offering, though the primary brand identity is spot trading rather than derivatives-focused.
• Binance: Binance operates the largest crypto derivatives venue globally by volume, offering futures and options across hundreds of pairs. Comparable product surface, but limited EU regulatory standing — represents both the offshore competition and the counterparty-risk benchmark D2X pitches against.
• CME Group: CME Group operates regulated Bitcoin and Ethereum futures and options — the established institutional venue for regulated crypto derivatives. Directly comparable as a regulated, institutional-focused derivatives venue, though broader in scope (equity, rates, commodities) and operating a more limited trading schedule than D2X's 7-day model.
• Crypto.com: Crypto.com operates a regulated derivatives exchange (Crypto.com | Derivatives North America, with MiFID-licensed entities in the EU). Comparable as a multi-jurisdiction regulated crypto derivatives venue with institutional ambitions and broader consumer-facing crypto services.

Direct peers

• Deribit: Deribit is the leading crypto options and derivatives exchange by volume, offering BTC and ETH futures and options. Directly comparable product offering (institutional crypto derivatives), though Deribit is not EU-MTF-licensed and is now owned by Coinbase, making D2X the regulated-EU counterpoint for institutional flow.
• BTSE: BTSE operates a regulated crypto derivatives exchange serving institutional clients with futures and options. Directly comparable as a regulated, institutional-focused derivatives venue competing for similar Tier-1 client flow with multi-jurisdiction licensing.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/d2x-group

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds4 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about D2X Group