A UK-based fiat trading platform announced that it will enter the cryptocurrency market. The exchange wants to target institutional investors and therefore add legitimacy to the cryptocurrency industry.
The platform, LMAX, is a UK based MTF (multilateral trading facility) for FX, metals, indices and commodities. It is regulated by a UK regulator, the Financial Conduct Authority (FCA).
David Mercer, LMAX CEO said in a statement:
“We are furthering the legitimization of the crypto currency [sic] market by offering institutions a platform on which to acquire, trade and hold crypto currencies securely with high quality, deep liquidity,”
“The rise of institutional trading of cryptocurrencies will be a game-changer for the industry,” Mercer continued.
From London to…
LMAX started fiat currency trading in 2010. Being regulated by the FCA, it could debut in New York and Tokyo at some point down the line.
Over the last few years, LMAX Exchange has been recognised as one of UK’s fastest growing technology firms in prestigious business rankings, like the Deloitte Fast 50 and The Sunday Times Tech Track 100.
Do you think that exchanges like LMAX could help crypto-sphere gain more legitimacy? Share your thoughts below!