Cryptocurrency Trading Launched by LMAX Exchange

Today, LMAX Exchange Group, a fintech firm and a foreign-exchange trading venue that is based in the United Kingdom, announced that the group would be launching the very first physical cryptocurrency exchange to serve its institutional clients.

The Financial Conduct Authority (FCA) regulates LMAX Exchange. The group will offer the opportunity of trading within the five most established cryptocurrencies namely: ripple, litecoin, ethereum, bitcoin, and bitcoin cash. Clients will be able to trade the cryptocurrencies on the exchange, which is set to operate 24 hours a day and seven days a week.

The chief executive of the company, David Mercer, stated: “We are furthering the legitimisation of the cryptocurrency market by offering institutions a platform on which to acquire, trade and hold cryptocurrencies securely with high quality, deep liquidity.”

The exchange is said to be called LMAX Digital and it will be a step towards giving mainstream appeal and legitimacy to the digital currencies as in the past they have been the target for a series of criticism due to their shady ties. It was launched at the request of clients who wanted to have access to cryptocurrencies.

LMAX is set to offer cryptocurrency custodian services to the clients who trade on its exchange, offering a solution to one of the major problems that have hindered institutional investors from dabbling in cryptocurrencies.

For now, the exchange will be based in London. However, there are some plans to expand into the United States of America, and Japan.

Mercer added: “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 of the mainstream. Digital currencies are, without a doubt, coming of age.”

According to Mercer, one of the objectives of the said exchange is to normalise the cryptocurrencies, bringing the most notable ones into wider circulation and cause them to become as accepted by people as conventional money.