First Institutional Cryptocurrency Exchanged Launched by LMAX Exchange Group

LMAX Digital, the first institutional cryptocurrency exchange, was launched on May 21 in London offering support for the top five coins by marketcap. LMAX exchanges have seen over $10 trillion in fiat currency traded and have institutional clients in over 100 countries.

LMAX Moves to ‘Legitimise’ Cryptocurrencies

CEO David Mercer said: “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 also said that due to global demand, they intend for the exchange to be rolled out across Tokyo and New York where they are already based. This is important as the Japanese Yen accounts for 68% of global Bitcoin trading and the US dollar 20%. The cryptocurrencies available to trade include Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin and trading is available 24 hours a day, seven days a week.

CEO David Mercer continued: “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 LMAX Exchange Group is global fintech company within the FX industry. Their trading includes FX, metals, indices, commodities and now cryptocurrencies. They offer an anonymous and regulated trading environment.

Recently, Covesting reported that JPMorgan are looking into cryptocurrencies and are interested in the long term potential. They have previously called Bitcoin a threat to their business model.

Daniel Pinto, JPMorgan’s co-president, said: “We are looking into that space. I have no doubt that in one way or another, the technology will play a role. [Regarding bitcoin], you cannot have something where the business proposition is to be anonymous and to be the currency for unknown activities. That will have a very short life, because people will stop believing in it, or the regulators will kill it.”

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