Crypto Exchange LMAX Digital Pushes Over 4 Million Trades in a Year, $400 Million Peak Volume
LMAX, the Cryptocurrency exchange has just marked the first anniversary and has completed there 4 millionth trade. The company was launched last May, and since then it has been able to attract about 175 clients across the globe, and from this number around two-thirds are mainly based in the Asian and U.S market.
The Platform Is Part Of The LMAX Exchange Group
The exchange has been able to offer five of the top crypto coins that are in the market, and from this, it shows their daily volume hitting the levels of $400 million just over the weekend even with the high volatility being experienced in the market. But the company will not stop here as they are hoping they will surpass the monthly volumes for April that is about $2.2 billion.
David Mercer, who is the CEO of the LMAX Exchange went on to say that they launched the exchange to ensure they are able to offer legitimacy within the crypto space. This is by bringing most of the crypto coins within this space into the much wider circulation and making sure that that they are part of the mainstream. He firmly believes that with the blockchain technology we should expect to see a revolution taking place within the capital markets space.
The platform has recently acquired the license for the Distributed Ledger Technology that is granted by Gibraltar Financial Services Commission. With the license, it will allow the platform to have digital custody of the crypto coins and be able to transmit them with the use of the DLT.
“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,” he said. “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.”