just now
London 13 May 2019 – LMAX Digital, part of the LMAX Exchange Group, is celebrating its one-year
anniversary as the first physical cryptocurrency exchange dedicated exclusively to serving institutional
clients.
Since launch in May 2018, LMAX Digital has seen strong trading volumes, completing four million trades
over the full year. The volatility over the last few days has seen LMAX Digital hit new highs of over
$400m in daily volumes, with May set to surpass April (monthly volumes of $2.2 billion) as the best
month for the exchange.
LMAX Digital, which was created on the back of client demand, currently serves 175 institutional clients
around the world. A response which clearly demonstrates desire among institutional market participants
for robust, efficient and trusted platforms on which to trade digital currencies.
David Mercer, CEO of LMAX Exchange, said “LMAX Digital was conceived as a way of adding
legitimacy to the nascent crypto currency industry and helping establish a more effective market
structure for the long term.”
David Mercer, CEO LMAX Exchange (Photo Source: LinkedIn)
“We have successfully created a unique platform for institutional investors to trade and hold crypto
currencies securely, with high quality, deep liquidity from a trusted Exchange operator.”
Key achievements during LMAX Digital’s first year include:
• Fastest growing exchange within the LMAX Exchange Group, breaking even within five months of
launch
• Recently granted a Distributed Ledger Technology (DLT) licence by the Gibraltar Financial Services
Commission, meaning LMAX Digital is authorised to store and transmit value using distributed ledger
technology. LMAX Digital is licensed to operate a secondary market and provide custodial services
• Continued investment in best in class technology – LMAX Digital recently reduced execution
latency to 180μs from 350μs ensuring clients benefit from the most precise price discovery in the
market
• LMAX Digital now offers 12 crypto currency pairs to institutional clients
David Mercer continued: “We believe this is only the start of something much bigger. Exchanges like
LMAX Digital are playing a crucial role in bringing the major cryptocurrencies into wider circulation,
helping them to become part of mainstream capital markets. Ultimately, whether it’s Bitcoin or a
separate digital asset that one day reigns supreme, we believe that blockchain technology will
fundamentally revolutionise capital markets particularly in the realm of settlement, payments and
reconciliation. Those key back office developments require an efficient digital value transfer, hence the
need for a credible crypto currency market.”
Jenna Wright, Head of LMAX Digital, said: “Cryptocurrencies are becoming more and more accepted
and LMAX Digital has seen a huge increase in demand for digital currencies from institutional investors.
They trust our platform as a safe and credible way to trade this type of currency.”
Only the most liquid and established cryptocurrencies are offered through LMAX Digital: Bitcoin,
Ethereum, Litecoin, Ripple and Bitcoin Cash. Trading is available 24 hours a day, seven days a week,
and governed by the same rules and principles as LMAX Exchange’s FCA regulated MTF (Multilateral
Trading Facility). This ensures the exchange operates with best-of-breed security, compliance, KYC
and anti-money laundering policies and procedures, and market participants are treated equally
regardless of status, size or activity levels.
