UK forex operator LMAX is set to launch as cryptocurrency exchange created for banks, hedge funds, and other institutional investors.
On Monday, the London-based company made the announcement, stating that the new platform called LMAX Digital will be the “first physical cryptocurrency exchange dedicated to serving only institutional clients.”
David Mercer LMAX CEO explained that the move to launch the cryptocurrency exchange was as a response to client demand and that he is confident the new exchange will help legalize the industry in the view of financial institutions.
“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 said in a statement, adding:
“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.”
LMAX noted that the exchange will improve the “most liquid and established” cryptocurrencies. The exchange will feature bitcoin (BTC), ethereum (ETHC), litecoin (LTC), ripple (XRP) and bitcoin cash (BCH).
The company stated it plans to increase LMAX Digital into New York and Tokyo in addition to its London office to improve its client’s services worldwide.
The announcement comes as a sign that institutional investor is slowly accepting cryptocurrency as an asset class.