LMAX Exchange Adds Cryptocurrencies To Trading Portfolio

The UK-based Forex Trading platform has surprisingly announced to users the addition of a cryptocurrency exchange unit as it bids to increase revenues over the coming years.

LMAX Digital will for a start allow users to trade the five top cryptocurrencies – Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin with the possibility of adding new tokens not ruled out in the near future.

One of the most significant roadblocks to new crypto investors and traders had been the non-existence of an institutional cryptocurrency exchange, with questions often raised about the reliability of the large community of start-up exchanges.

This is where LMAX hope to fill the void by providing an easy to use and secure trading platform for thousands of foreign exchangers already using the LMAX platform and new investors too.

It will look to exploit their status as a reputable Foreign Exchange trading to eventually encourage banks, asset managers and sovereign wealth funds to get actively involved with the crypto market.

“We believe the banks will come in the next 6-12 months and believe they will come on to venues like LMAX because we are a trusted entity” David Mercer, LMAX CEO said.

It is understood that LMAX Exchange hopes to erect LMAX Digital infrastructures In China and United States, but the new service will for the meantime be confined to their London data center.

LMAX’s decision to add a crypto exchange was arguably influenced by the rapid adoption of cryptos and will likely instigate the rise of other institutional cryptocurrency exchanges and provide competition for existing exchanges and start-up.

In the exact words of Mercer,

‘‘We (LMAX) believe our new exchange will support the transformation of the crypto market from the fringes to the mainstream.”

If this will be, then we have a nice battle on our hands.

The growth rate and circulation of cryptocurrencies have been fostered by non-institutional based exchanges who are usually fazed by issues of ICOs, tax evasion, and regulatory issues.

Now, exchanges must devise new measures to provide secure and hitch free trading platforms or risk losing users to initiatives such as LMAX Digital.

On the one hand, LMAX Exchange will undoubtedly hit new trading and profit figures after a reported $33 million in 2017.


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Source: Crypto Potato