Gibraltar DLT License Obtained by LMAX Digital
LMAX Digital, a cryptocurrency subdivision of LMAX Exchange Group, announced today that they’d obtained a DLT license from the Gibraltar Financial Services Commission. This news comes only two weeks after the cryptocurrency firm revealed that they’d enter “In Principal Transition” with the GFSD.
LMAX Digital was launched halfway through 2018, with the company focusing in on pioneering the first regulated cryptocurrency exchange that has been built by an official exchange operator. This cryptocurrency firm is still creating its high-grade infrastructure for its future cryptocurrency exchange market.
At this time, this exchange will be the only one designed for institutional clients. The trend has picked up since LMAX Digital began their efforts twelve months ago, with several other players entering the market space. However, with the news that they’ve obtained a Distributed Ledger Technologies License, it puts this crypto firm back at the top.
LMAX Exchange has developed infrastructures in the past that helped with increase flow for the global FX Market space. The next logical step would be to do the same thing in the crypto space.
Demand for Institutional Crypto is increasing.
The cryptocurrency market has grown exponentially over the last ten years, and institutional clients are taking an interest in the new currency. LMAX saw an opportunity with its experience in the past to create a product that could meet the demands of these clients.
LMAX Digital adheres to the regulators set forth by the GSFD. There are nine established principles that the regulator requires all licensed operators to obey. Those include effective corporate governance, high standard security systems, risk management protocols, cybercrime prevention protocols and adopting sound business practices.
The CEO of LMAX Exchange, David Mercer, commented on this news saying: “LMAX Digital was created to fill the gap in the crypto market by providing institutions with a trading platform they can trust, with deep liquidity, security of funds, and high performance, proven technology.”
Mr Mercer elaborated by stating: “LMAX Exchange Group has always supported regulatory oversight and we always work proactively with regulators to help foster a transparent and trusted marketplace for all market participants. We are pleased that our efforts to create a more transparent and secure marketplace have been recognized by the GFSC.”
The LMAX Digital Head of Operations, Jenna Wright, also commented saying, “The Gibraltar regulator has acknowledged our role in further diversifying institutional currency markets and we look forward to working alongside them and other regulators to help improve understanding of the cryptocurrency market.”