Today, LMAX Exchange Group has announced a physical cryptocurrency exchange which is dedicated to providing services for only institutional clients. LMAX Exchange Group runs a UK Financial Conduct Authority (FCA) regulating FX trading venue. In response to a request by existing client fro a credible, efficient and trusted platform to trade with like-minded institutions, the firm developed LMAX digital.
LMAX Digital Solutions
LMAX Digital will provide links just to the majority of liquid crypto assets such as BTC, ETH, LTC, XRP and BCH, seven days a week, 24 hours a day. Trading is maintained by principles and rules similar to LMAX Exchange’s FCA regulated MFT (Multilateral Trading Facility), in other words, the exchange provides a similar level of anti-money laundering, security, compliance and KYC procedures and policies as its established activities.
Other attributes of the service consist of maintaining “one public rulebook for all members; a central limit order book (CLOB) alongside streaming, a full custodian solution, and a firm institutional liquidity; safe and protected hot/warm/cold multi-signature wallets. A matching latency of under 350 microseconds: an uptime of 100 percent and all orders time-stamped in microseconds (receipt to execution) as well as a high throughput greater than 100,000 messages per second, according to NewsBitcoin.com. The firm intends to expand infrastructures in New York and Tokyo in the foreseeable futures, after the launch of LMAX digital in a London-based data center (LD4).
Legitimizing the exchange platform
CEO of LMAX Exchange, David Mercer said that they are legitimizing the virtual currency market by providing institutions a platform on which to store, obtain and trade cryptocurrencies safely with “high quality, deep liquidity” according to NewsBitcoin.com. In addition to the above, the CEO of LMAX also emphasize that they have institutional clients in over 100 countries and over $10 trillion of FIAT has been traded on our exchanges to date, as reported by NewsBitcoin.com. Additionally, he reiterated that, in efforts to create a fundamentally improved, secure digital exchange based on their proven market trading technology, market-leading liquidity and transparent and precise execution, they have applied everything they have learned in the institutional FX market to LMAX Digital, as reported by NewsBitcoin.com.
He also added, as quoted by NewsBitcoin.com that “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 fringes to the mainstream.”
The recent launch of new services catered specifically to this segment from the likes of Coinbase and others is as a result of serious institutional money being poured into the crypto market since 2017.