LMAX Exchange Group (LMAX) has launched the first physical crypto currency exchange, LMAX Digital, for institutional clients only.
LMAX Digital was developed at the request of its existing institutional clients, who wanted a platform to trade digital currencies with like-minded institutions.
The platform offers bitcoin, ethereum, litecoin, ripple and bitcoin cash crypto currencies.
Trading is available 24 hours a day, seven days a week, and governed by similar rules and principles as LMAX Exchange’s FCA-regulated multilateral trading facility.
According to LMAX, this ensures the exchange operates with good security, compliance, know-your-customer and anti-money laundering policies and procedures.
Its capabilities include one public rulebook for all members, as well as a central limit order book with streaming and firm institutional liquidity.
Further to the launch of LMAX Digital LMAX intends to roll out the platform infrastructure in New York and Tokyo in the near future.
David Mercer, CEO of LMAX Exchange, 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.”
He added: “The rise of institutional trading of crypto currencies will be a game-changer for the industry. 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 normalisation of value.”
“We’ve applied everything we’ve learned in the institutional foreign exchange 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.”
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