LMAX to Launch Cryptocurrency Exchange for Banks and Hedge Funds
LMAX, UK foreign exchange trading platform operator has announced that it will launch a cryptocurrency exchange for banks, hedge funds, and other institutional investors.
The company made the announcement on Monday, explaining that the new platform named “LMAX Digital” is the “first physical crypto currency exchange dedicated to serving only institutional clients.”
David Mercer , LMAX CEO said that the decision to create the cryptocurrency exchange was made in response to client demand and that he believes the new platform would help legitimize the industry in the eyes of financial institutions.
“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 said in a statement.
He added: “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.”