LXDX to Launch after Funding from Dymon Asia
LXDX, a Sliema, Malta-based cryptocurrency exchange platform is about to launch its announcement following up with its funding from Dymon Asia. This amount of funding is unknown to the public at the moment.
Dymon Asia Venture Capital Fund LP is a Singapore based alternative investment manager that has about $4.9 billion under management according to the company’s press release. It has invested in LXDX to make the platform widely available to a large number of users.
LXDX has announced that it will be providing full spectrum technology services to different cryptocurrency exchanges. This includes services such as software that powers both public retail exchanges and private exchanges for the purpose of institutional block trading.
LXDX believes that with the support provided by Dymon Asia, the platform can expand its reach and reinforce its technology offerings to a larger base.
The exchange platform wants to make the digital currency space more accessible to entities such as investment banks, hedge funds and others who are more comfortable with and used to traditional markets and the associated dependability and productivity.
According to the news release, with LXDX, exchanges will be able to offer a superior trading environment to the traders with better data infrastructure, unified security operations and high-speed performance, all of which is built into the LXDX platform.
LXDX CEO Joshua Greenwald, who previously worked in SpaceX and a founder of Greenlight Trading, a Chicago based high-frequency trading firm talked about LXDX’s founding. He said,
We built LXDX in response to the aversion conventional finance institutions have had to the cryptocurrency space. Joining forces with Dymon allows our team, with decades of trading experience, to bring the qualities of traditional lit and dark exchanges to these new markets.
In a recent interview, Greenwald talked about LXDX. Here are some highlights from the interview.
He explained that LXDX is the first exchange platform that provides the performance required and expected by institutional traders. Since cryptocurrency trading is highly volatile, the LXDX platform is engineered on the same standards as traditional market exchanges. These standards include optimized hardware, ultra-low latency matching, networking running on own data centers and not a cloud and a lot of messaging options for users to interact with the exchange.
When asked the question, ‘What are the major features and services you provide at LXDX?’, he answered,
LXDX is a complete trading platform. Our products include institutional dark pools, a retail exchange service platform, a data analysis product, and a host of modular blockchain services. The technology covers the full gamut of the exchange business. We provide the KYC/AML integrations to safely onboard customers, custody and blockchain wallet solutions, matching, clearing, marking, surveillance, and settlement. The trading interface is beautifully simple, yet powerful.
Furthermore, he also talked about the LXDX and Dymon Asia partnership. He said,
Dymon has been a remarkable ally. Their funding is a great vote of confidence in our team and our technology. Their product insights from their experience in global FX markets have already proved invaluable and they have introduced us to several collaborative opportunities. It’s a very complimentary and exciting relationship.
He also explained where this funding will be utilized. LXDX plans on spending a substantial amount of this funding on Research and Development. He said that the R&D team has many capital-intensive projects going on that will bolster the technology offerings and therefore providing money to those will be beneficial.
Dymon Asia Ventures’ Christiaan Kaptein commented on this funding
We are extremely pleased to be a part of LXDX’s mission to improve the infrastructure of cryptocurrency trading.We believe that blockchain investors deserve the reliability, performance, and professionalism found in traditional markets. We are thrilled to be supporting LXDX in their vision and execution of a more efficient trading system.