LMAX Digital, the cryptocurrency exchange of the LMAX Exchange Group, has announced its trading volumes for the month of May this Tuesday, revealing record trading volumes for the month.
In May, $5 billion was traded on LMAX Digital, a record for the crypto exchange. On the 12th of May, the regulated institutional exchange achieved a record high of more than $400 million in daily spot volumes.
As highlighted by the company, the monthly volumes achieved in May are more than double that record in April, which stood at $2.2 billion. However, it is worth noting that April was a lackluster month in terms of trading - both in crypto and foreign exchange (forex).
Returning volatility to the crypto markets is the main driver for the company's solid volumes in May. As Finance Magnates has reported extensively, so far in 2019, trading volumes have been lackluster as market volatility has been low, with May showing the first signs of action.
Jenna Wright, the Head of LMAX Digital
Commenting on the results, Jenna Wright, the Head of LMAX Digital, said: “There has been a marked shift to quality in the past month with institutional customers switching from Altcoins into Bitcoin and diverting more of their flow to trusted, regulated exchanges like LMAX Digital.”
LMAX Digital Sees Growing Demand from Asia, Europe, and the US
LMAX Digital, which was launched in May of 2018, has already managed to attract 175 companies that are trading with the digital asset exchange, proving that there is a genuine appetite for Cryptocurrencies amongst financial institutions.
According to the statement released today, the exchange is seeing a lot of activity coming from Asia, with Japan leading the charge. In addition, the company has noted a growing interest in cryptocurrencies from European and US institutions.
“LMAX Digital currently has a rich pipeline of institutional clients and we have had to increase our on-boarding team in London and Gibraltar to cope with the unprecedented demand,” Wright added.
David Mercer, CEO of LMAX Exchange Group
“The activity we are seeing is generally from smaller, more agile tech-enabled institutions wishing to exchange risk with each other in larger size than they might see on retail platforms,” continued David Mercer, the CEO of LMAX Exchange Group.
“Their expectations of low latency, efficient price discovery and deep Liquidity are met by the LMAX Exchange Group technology stack which has been employed for LMAX Digital. LMAX Digital benefits from the $100m proprietary technology investment the Group has made in the past 7 years.”
