LMAX Group’s sport and crypto exchange, LMAX Digital, reported $85 billion worth of crypto currencies traded during its first two years of operation.
LMAX Digital offers trading to institutional market participants and two years after its launch it has global institutions trading cryptocurrencies in US, Europe and Asia. In the past year, the exchange has registered significant growth, reaching $75 billion in traded volumes.
David Mercer, CEO of LMAX Group, said:
We are very pleased with the impressive growth that our institutional digital exchange has enjoyed since day one. Over the past two years, we have expanded our client base to include the largest global proprietary trading firms and some of the world’s largest retail brokers, and more recently have started welcoming regional banks to our platform.
In Q1 2020, we saw an increase of 41% in quarterly trading volumes, reaching $20 billion, on the back of our organic growth and broader market volatility. During the periods of recent volatility, we have continued to offer consistent, deep liquidity and robust execution to our clients.
We have been impressed by the resilience of crypto currencies, particularly Bitcoin, and note that they have been relatively stable compared to other asset classes which have enjoyed central bank intervention and still shown extreme levels of instability. We see this as an encouraging sign that investors are starting to place more value in digital currencies and have continued to trade through spikes in volatility. All of which bodes well for the gradual maturing of the asset class.
The highlights from the last 12 months for LMAX Digital include:
$75 billion traded
20 million trades completed
125 new institutional clients onboarded
$250 million Average Daily Volumes (ADV) – as of May 2020
Monthly record high of $8.6 billion traded in June 2019
Daily record high of $1.25 billion traded on 27 June 2019.
Jenna Wright, Managing Director of LMAX Digital, added:
The value of our integrated business model, being part of the LMAX Group, has proven to be a strong differentiator for LMAX Digital. Being able to offer FX instruments alongside crypto currencies enables institutional clients to hedge their FX exposure cost effectively and efficiently in an industry where banking is difficult.
Today, LMAX Digital serves over 170 clients globally, providing robust, secure trading infrastructure and access to consistent, deep institutional liquidity. LMAX Digital provides its daily volumes and market data through some of the leading institutional analytics platforms and major crypto reference indices.
David Mercer comments on future plans:
Given the status of LMAX Digital as the primary price discovery venue for crypto currencies, we are investing in our market data distribution capabilities to enhance the quality of market information available to investors around the world and to provide a credible overview of the digital currency market.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.