A year after launching, things are looking good at LMAX Digital.
Operated by LMAX Exchange Group, the cryptocurrency exchange provides institutions with access to the digital assets markets.
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And, according to a statement released by the firm on Wednesday, there are now 175 companies trading with LMAX Digital, proving that there is a genuine appetite for cryptocurrencies amongst financial institutions.
“Cryptocurrencies are becoming more and more accepted and LMAX Digital has seen a huge increase in demand for digital currencies from institutional investors,” said Jenna Wright, head of LMAX Digital.
“They trust our platform as a safe and credible way to trade this type of currency.”
Steaming ahead
After launching in May of last year, LMAX Digital became the fastest growing division of the broader LMAX Exchange Group.
By the end of the year, the cryptocurrency exchange had even started turning a profit for the firm – no mean feat given the tough market conditions which swept across the digital assets world in early November of 2018.
With that bear market now seemingly coming to a close, the exchange has started seeing some of its largest trading volumes.
In April, LMAX Digital reported a total trading volume of $2.2 billion – it’s largest monthly total to date. Thus far in May, the firm said that it has managed to surpass more than $400 million in daily trading volumes.
And, a year after launching, the firm reported that it had managed to close its four millionth trade.
“We believe this is only the start of something much bigger,” said David Mercer, the chief executive officer of LMAX Exchange.
“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.”