Cryptocurrency exchange draws ‘unprecedented’ demand: LMAX Exchange CEO
The recent launch of a cryptocurrency exchange trading platform has drawn “unprecedented” demand in a little over a week.
“It really has the excitement of the institutional market,” LMAX Exchange CEO David Mercer told Liz Claman during an exclusive FOX Business interview on Wednesday. “It’s exactly what they’ve been looking for, and we’re pleased to play a part in the growth of this industry.”
The first-ever institutional cryptocurrency venue trades an estimated $4 trillion in different currencies per year complete with a secure infrastructure.
“It’s all about, you know, the three Ts: trust, transparency and technology,” Mercer said.
LMAX Digital each day conducts more than $20 billion in transactions and processes more than a billion FX orders per day, according to Mercer.
“So, regulated by the Financial Conduct Authority in the U.K., we apply the best-in-breed, know- your-customer, anti-money-laundering policies,” he said.
LMAX Digital is currently listing the top five digital cryptocurrencies: bitcoin, ethereum, litecoin, bitcoin cash and Ripple’s XRP, operating 24 hours a day and seven days a week.
Mercer said the key for any exchange is liquidity, and he hopes to continue to add digital currencies to the platform.
“We need to know that there’s going to be liquidity available so that all our market participants can exit on both of sides of the trade constantly,” he said.