The UK has gained another cryptocurrency exchange player as fiat trading platform LMAX launches crypto trading for institutional investors.
LMAX, which has offered fiat currency trading since its inception in 2010, plans to cement the legitimacy of the cryptocurrency arena as institutional interest continues to grow.
“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,” CEO David Mercer said in a statement quoted by various media outlets.
“The rise of institutional trading of cryptocurrencies will be a game-changer for the industry,” he continued.
Regulated by UK regulator the Financial Conduct Authority (FCA), LMAX could also debut in New York and Tokyo in future, reports claim, while at first being tied to London.
Last week, major US crypto wallet provider and exchange service Coinbase announced a new suite of products aimed at institutional investors, what the company’s Vice President and General Manager calls a $10 bln market.
This month also saw London-based Crypto Facilities launch what it describes as the world’s “first regulated” futures contracts for Ethereum (ETH).
As with US players such as Coinbase, the Winklevoss Twins’ Gemini exchange, and even Goldman Sachs, LMAX is keenly eyeing the large-scale investor market as an inroad to increasing cryptocurrency’s “mainstream” appeal, Mercer said.
Source: Cointelegraph https://cointelegraph.com/