LMAX Digital Granted New Gibraltar DLT (Distributed Ledger Technologies) License for Operations
LMAX Digital, the subsidiary of LMAX Exchange Group which is dedicated to cryptocurrency, has revealed that the Gibraltar Financial Services Commission (GFSC) has granted the exchange firm a Distributed Ledger Technologies (DLT) Provider License. Interestingly, this news has come just over two weeks after LMAX received Gibraltar's ‘in principle’ DLT approval.
The news just about highlights the institutional crypto trading platform’s efforts to continue embracing the cryptocurrency market thereby expanding its business. LMAX Digital prides itself in pioneering the first digital currency exchange launched by a known regulated FX exchange operator after the exchange platform was introduced in the middle of last year.
LMAX Digital depends on the exclusive innovation of LMAX Exchange. The organization built up its foundation for the enormous streams in the worldwide FX market and scaling it for the cryptographic money space was the following consistent advance when the organization entered the space in May 2018.
Institutional Crypto Demand Increasing
With increasing demand from crypto institutional clients who are interested in delving into the digital currency space, LMAX Digital exchange to leverage its prior experience from the FX market and provide a scalable product that meets the demands of the ever-growing institutional market players.
While speaking about the new development, the CEO of LMAX Exchange Group, David Mercer stated that:
“LMAX Digital was created to fill the gap in the crypto market by providing institutions with a trading platform they can trust, with deep liquidity, security of funds, and high performance, proven technology.”
“LMAX Exchange Group has always supported regulatory oversight, and we always work proactively with regulators to help foster a transparent and trusted marketplace for all market participants. We are pleased that our efforts to create a more transparent and secure marketplace have been recognized by the GFSC,” Mercer added.
DLT Regulatory Framework
The confirmation on the part of the GFSC affirms that LMAX Digital is consistent with a lot of nine administrative standards set out in Gibraltar's DLT administrative structure.
While talking about the operations of his firm, Mercer was quoted saying:
“LMAX Exchange Group operates multiple institutional FX trading venues, which combined have traded over $12 trillion to date, and brought trust, best-in-class technology and transparency to the global FX market. We are very pleased that our efforts to create a more transparent and secure marketplace have been recognised further with the award of this license.”