The LMAX Exchange Group, a financial technology firm that operates a forex trading platform, has announced the launch of a cryptocurrency institutional trading platform – ‘LMAX Digital’. CEO David Mercer said:
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.
The company looked at cryptocurrencies after various clients requested a platform that could help them buy, sell and trade these new currencies easily. At the moment, only Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash are available on LMAX digital, since they are “most liquid and established” among the rest of the cryptocurrencies. The website is already live with 24/7 trading hours for customers. The minimum deposit for opening an account is $50,000 in cash or equivalent in cryptocurrency.
Mercer added, “We are perfectly positioned to address the gap in the market for a robust physical crypto currency exchange operating with institutional liquidity … We’ve applied everything we’ve learned in the institutional FX market to LMAX Digital, to create a fundamentally improved, secure digital exchange based on our proven trading technology, market leading liquidity and transparent and precise execution.”
Mercer explained that institutional crypto trading could be a “game-changer”, while saying that cryptocurrencies are “coming of age”. As emphasized by other crypto advocates, bringing digital currencies into the trading industry will be beneficial for everyone and will eventually “support a normalisation of value”. LMAX Digital will soon come to New York and Tokyo so that the company is able to entertain international clients.
Although LMAX Exchange Group was launched in 2010, the company has emerged as a winner in the financial technology and forex trading industries. It has won five awards in the former category and eleven awards in the latter. Among its eight business growth records, one of them belongs to Deloitte’s UK Technology Fast 50 in 2015 and 2016.