LMAX Exchange is a UK based foreign exchange trading platform and it wants to start a cryptocurrency exchange for institutional investors.
According to LMAX, launching “LMAX Digital” is the company’s response to a strong demand for cryptocurrencies. LMAX Digital will be operating 24/7 and will allow their clients to trade bitcoin (BTC), ether (ETH), litecoin (LTC), ripple (XRP), and bitcoin cash (BCH).
LMAX Exchange CEO David Mercer said in a statement:
“We are furthering the legitimization of the crypto currency market by offering institutions a platform on which to acquire, trade, and hold cryptocurrencies securely with high quality, deep liquidity.”
The company also plans on offering cryptocurrency custodian services.
“We’ve applied everything we’ve learned in the institutional FX market to LMAX Digital, to create a fundamentally improved, secure digital exchange based on our prove trading technology, market-leading liquidity, and transparent and precise execution,” said Mercer.
Mercer believes that the rise of institutional crypto trading 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.”
The exchange is initially set to run out of London but the company plans on expanding to New York and Tokyo soon.