Exchanges

LMAX Digital completes 4 million trades over a year; hits $400 million peak in daily volume

May 13, 2019, 6:20AM EDT

Cryptocurrency exchange LMAX Digital has marked its one-year anniversary by completing its 4 millionth trade, the company shared in a press release. Since its launch last May, the company has attracted 175 institutional clients around the world; two-thirds of whom are based across the US and Asia.

The exchange, which is part of the LMAX Exchange Group and offers the top five cryptocurrencies, also saw its daily volume reportedly hit $400 million over the weekend amid high volatility. It is now hoping to surpass April’s top monthly volumes of $2.2 billion this month. 

LMAX Exchange CEO David Mercer said the exchange was launched to offer legitimacy to the young cryptocurrency industry.

"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.”

The exchange has been recently granted a Distributed Ledger Technology licence by the Gibraltar Financial Services Commission allowing LMAX Digital to custody cryptocurrencies and transmit them using DLT.