The UK-based multilateral trading facility operator LMAX Exchange is planning to release its cryptocurrency trading platform dedicated to financial institutions, hedge funds, and other organizational investors.
The company based in London made the announcement on 21 May 2018, describing that LMAX Digital will be the “first physical crypto currency exchange dedicated to serving only institutional clients.”
David Mercer, CEO of LMAX, explained that the reason for creating this platform was the high customer demand. He also believes that the new financial crypto exchange will promote this sector in front of financial institutions.
“We are furthering the legitimisation of the crypto currency market by offering institutions a platform on which to acquire, trade and hold crypto currencies securely with high quality, deep liquidity,” Mercer stated.
“The rise of institutional trading of crypto currencies 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 crypto currencies into wider circulation, helping them to become accepted into conventional funds which in turn will help to support a normalisation of value,” he added.
According to LMAX, the new platform will only accept the “most liquid and established” crypto assets. At the time of launch, the crypto exchange will provide the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH).
The headquarters of the new platform will be based in London. However, the team has plans to expand LMAX Digital to New York and Tokyo to be closer to customers.
We want to remind you about the international conference Consensus that took place in New York last week. During the event, several companies announced new crypto-based platforms and products. Two of the memorable ones are probably the beer vending machine and the partnership between Japanese Nomura and Ledger.