LMAX to Launch Cryptocurrency Exchange for Hedge Funds and Banks.
LMAX, a UK foreign exchange trading platform, has announced that it will very soon launch a cryptocurrency exchange custom-made for banks. The London-based company made an announcement on Monday. They described that the new platform named LMAX Digital- is the “first physical cryptocurrency exchange dedicated to serving only institutional clients.”
LMAX CEO, David Mercer said that the choice to make the cryptocurrency exchange initiated because of customers demand and that he trusts the new platform would help to validate the industry according to financial institutions.
In an announcement he said:
“We are furthering the legitimization of the cryptocurrency market by offering institutions a platform on which to acquire, trade and hold cryptocurrencies securely with high quality, deep liquidity.”
He went on to add:
“The rise of institutional trading of cryptocurrencies will be a game-changer for the industry. We believe our new exchange will support the transformation of the crypto market from the fringes to the mainstream. Digital currencies are, without a doubt, coming of age. Exchanges will play a crucial role in bringing the major cryptocurrencies into wider circulation, helping them to become accepted into conventional funds which in turn will help to support a normalization of value.”
According to LMAX, the exchange will be helping with the most liquid and well-established cryptocurrencies. At its launch, it featured trading sets for Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple (XRP).
Apart from its office in London, the company aims to expand LMAX Digital in New York and Tokyo to help in serving its global clients in a better way. The announcement is the most recent sign that institutional investors may at long be seeing cryptocurrency as an asset class.
In the last week’s cryptographic mega-conference Consensus, various firms reported items intended to draw institutional traders into the digital currency marketplace. Maybe most remarkably, Japanese holding organization Nomura joined forces with cryptocurrency wallet manufacturer Ledger to set up a consortium that will create items for institutional financial specialists.
While JPMorgan has begun formally developing a “cryptocurrency strategy”, Goldman Sachs revealed that it will launch a Bitcoin futures trading operation that might in the long run handle “physical bitcoin”.