LMAX Exchange has launched what it says is the first physical cryptocurrency exchange dedicated to serving only institutional clients.
LMAX Digital, which will support bitcoin, ether, litecoin, ripple and bitcoin cash, at the request of existing institutional clients who the firm says desired a credible, efficient and trusted platform on which to trade digital currencies with like-minded institutions.
“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,” says David Mercer, CEO of LMAX Exchange.
Institutional investors will start to trade in cryptocurrencies, but the price crash last year has put a hold on their plans. That said, as David Mercer, CEO of LMAX Exchange, which owns the institutional crypto platform LMAX Digital, observes, “All the names you’d expect are looking seriously at crypto.”
LMAX Digital was launched into a bear market, something Mercer wryly suggests is something you wouldn't choose to do, but he remains optimistic in the long term. “We set up LMAX Digital purely for the institutional space, but at the moment it is probably at one-to-five percent of its potential – it remains largely retail-orientated,” he says
LMAX Digital, Eurobase...