The first crypto exchange has been launched by the LMAX Exchange group that will serve the institutional clients. With this crypto exchange and Coinbase’s institutional investors’-focused products, we might be in for a bull rally as stated by John McAfee who is expecting crypto prices to go through the roof soon.
First institutional cryptocurrency exchange offers BTC, ETH, XRP, BCH, & LTC
LMAX Exchange Group has launched the first physical cryptocurrency exchange aimed towards institutional clients on May 21 according to their press release.
The CEO of LMAX Exchange, David Mercer 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.”
Initially, only the most established and liquid cryptos viz. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC) will be offered.
The press release further states that trading will be available 24/7 and will be
“governed by similar rules and principles as LMAX Exchange’s FCA regulated MTF”.
As per Mercer their exchange has institutional clients in over 100 countries and has been trading over $10 trillion of FIAT. Moreover, they will launch the exchange in other cities and countries as well like New York and Tokyo.
“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 to the mainstream. Digital currencies are, without a doubt, coming of age. Exchanges will play a crucial role in bringing the major cryptocurrencies into wider circulation, helping them to become accepted into conventional funds which in turn will help to support a normalization of value.”
John McAfee expects crypto prices to go through the roof
Institutional investors have recently started gaining a lot of interest in the cryptocurrency market. No doubt, when these investors immerse themselves completely into the market, they would bring an immense flow of funds with them.
Recently, Coinbase introduced a suite of products primarily for institutional investors and now LMAX has launched a crypto exchange for these investors. Given these facts and developments, McAfee’s tweet of an upcoming bull run holds meaning.
Currently, the entire market is bleeding red, with Bitcoin dropping below $8k level while Ethereum, XRP, and Bitcoin Cash registering the dip of 9.48%, 6.92, and $9.41% respectively.
The speed at which institutional investors are entering has been slow which is primarily due to the lack of any regulations. However, it is certainly gaining momentum as evident from Goldman Sachs making plans to open bitcoin trading and the establishment of trusted custodial services.
We might soon see bulls charging the cryptocurrency market, though that remains to be seen.
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