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LMAX Exchange kicks off cryptocurrency trading

The fintech firm LMAX Exchange Group announced today that it..

The fintech firm LMAX Exchange Group announced today that it would be launching the first physical cryptocurrency exchange to serve institutional clients.

LMAX Exchange, which is regulated by the Financial Conduct Authority (FCA), will offer the possibility of trading within the five most established cryptocurrencies: bitcoin, ethereum, litecoin, ripple and bitcoin cash.

David Mercer, chief executive of the company, said: “We are furthering the legitimisation of the cryptocurrency market by offering institutions a platform on which to acquire, trade and hold cryptocurrencies securely with high quality, deep liquidity.”

Read more: London-based LMAX reports 22 per cent boost to profits in one year

The exchange will be called LMAX Digital and will be a step towards giving the digital currencies legitimacy and mainstream appeal as in the past they have been the target for a lot of criticism because of their shady ties.

For now, the exchange will be based in London but there are plans to expand into Japan and the US.

Mercer continued: “The rise of institutional trading of cryptocurrencies will be a game-changer for the industry. We believe our new exchange will support the transformation of the crypto market from the fringes of the mainstream. Digital currencies are, without a doubt, coming of age.”

One of the objectives of the exchange is to normalise cryptocurrencies, bringing the most significant ones into wider circulation and make them become as accepted as conventional money according to Mercer.

Read more: Microsoft follows Facebook and Google in banning crypto advertising

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