UK foreign exchange trading platform operator LMAX has announced that it will launch a cryptocurrency exchange tailored for banks, hedge funds, and other institutional investors.
The London-based company made the announcement on Monday, explaining that the new platform — dubbed LMAX Digital — is the “first physical crypto currency exchange dedicated to serving only institutional clients.”
LMAX CEO David Mercer said that the decision to create the cryptocurrency exchange was made in response to client demand and that he believes the new platform would help legitimize the industry in the eyes 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,” he said in a statement, adding:
“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.”
LMAX says that the exchange will only support the “most liquid and established” cryptocurrencies. At launch, it features trading pairs for bitcoin (BTC), ethereum (ETH), litecoin (LTC), ripple (XRP), and bitcoin cash (BCH).
In addition to its London office, the company said that it intends to expand LMAX Digital into New York and Tokyo to better help it serve clients globally.
The announcement is the latest indication that institutional investors may finally be warming to cryptocurrency as an asset class.
During last week’s cryptocurrency mega-conference Consensus, a number of firms announced products designed to lure institutional traders into the cryptocurrency marketplace. Perhaps most notably, Japanese holding company Nomura partnered with cryptocurrency wallet manufacturer Ledger to establish a consortium that will develop products for institutional investors.
Previously, Goldman Sachs revealed that it will launch a bitcoin futures trading operation that may eventually handle “physical bitcoin,” while JPMorgan has begun formally developing a “cryptocurrency strategy.”
Featured Image from Shutterstock
Follow us on Telegram.
UK foreign exchange trading platform operator LMAX has announced that it will launch a […]
The sun has returned on London streets as Boris Johnson, the unelected British Prime Minister, once again covers our TV… Read More
A Los Angeles man has plead guilty to a multi-million money laundering scheme. | Source: Shutterstock By CCN Markets :… Read More
If you are looking for ways to speculate on cryptocurrencies, then I am sure you have thought about signing up… Read More
In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly… Read More
Share Tweet Send Share Just a week after the bitcoin genesis block in January 2009, computer scientist Hal Finney published… Read More