BIG 5 (BTC, ETH, XRP, LTC, BCH) Listed On LMAX Exchange: $10 Trillion In Fiat Traded to Date
The Big 5 cryptocurrencies received a major boost on the 21st of May, when London based LMAX Exchange announced it will start offering on its exchange, the most liquid and established cryptocurrencies of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH). Crypto trading on the exchange is now a 24 hour operation, 7 days a week, all year long. Trading will be governed by similar rules and principles asLMAX Exchanges FCA regulated MTF (Multilateral Trading Facility).
Of noteworthy mentioning is that the LMAX exchange has already handled over $10 Trillion in FIAT trading since inception and has institutional clients in over 100 countries. The institutional clients are what makes this announcement exciting for any crypto trader. These are the so called ‘top dogs’ of trading: The big shot ‘Wallstreet’ firms and top banks around the globe.
The announcement by LMAX had this to say through their CEO, David Mercer, with respect to institutional investors:
The rise of institutional trading of crypto currencies will be a game-changer for the industry. We believe our new exchange will support the transformation of the crypto market from the fringes to the mainstream. Digital currencies are, without a doubt, coming of age. Exchanges will play a crucial role in bringing the major crypto currencies into wider circulation, helping them to become accepted into conventional funds which in turn will help to support a normalisation of value.
The exchange has been improved to offer secure trading in this current crypto industry where hacks are possible. One cannot fail to mention the recent hack of the Verge (XVG) blockchain by rogue miners who wanted to mint XVG from thin air. Also to remember is the Coincheck hack that relieved of the exchanges some $500 Million worth of NEM (XEM) at one go. Therefore, security is of importance for the exchange.
The announcement by LMAX comes at a welcome time when the crypto-markets have been having a hard time maintaining good volumes. We have seen the total market capitalization touch $400 Billion only to drop to $330 Billion in a matter of a few days. The figure now stands at $338 Billion with many hoping that the news that South Korean regulators will ease their stance when it comes to crypto trading in the country, will boost the volumes once again.
We are all aware that the amount of trading and crypto ownership by South Korean residents was pretty high in early January before regulation kicked in and left the markets in chaos. This news could catalyze a return of previous good times in the crypto-verse.
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