British Forex Exchange LMAX Launches Cryptocurrency Trading
LMAX Exchange, the British currency exchange, entered the crypto-currency market, planning to attract interested institutional investors and banks.
The London forex exchange, whose annual trading turnover is about $ 4 trillion, added five popular crypto currencies to its list of instruments: bitcoin, etherium, lightcoin, ripple, bitcoin cache. David Mercer, CEO of LMAX Exchange,
“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,”
LMAX Exchange developed LMAX Digital at the request of its existing institutional clients, who desired a credible, efficient and trusted platform on which to trade digital currencies with like-minded institutions. The exchange hopes that this will also encourage banks and various funds to enter the new market in the next 12 months.
Trading is available 24 hours a day, seven days a week, and governed by similar rules and principles as LMAX Exchange’s FCA regulated MTF (Multilateral Trading Facility). This ensures the exchange operates with best-of-breed security, compliance, KYC and anti-money laundering policies and procedures, and market participants are treated equally regardless of status, size or activity levels.
David Mercer continued
“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.”
Although some exchanges act solely as intermediaries in making transactions, LMAX Exchange will allow you to store virtual currency on its internal accounts.
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