Genesis Markets, the cryptocurrency brokerage arm of Genesis Vision, has teamed up with the institutional cryptocurrency exchange LMAX Digital, part of LMAX Exchange Group that also operates leading FX execution venues such as LMAX Exchange (FCA regulated MTF) and LMAX Global (FCA regulated Broker).
The partnership will provide Genesis Markets’ clients with access to LMAX Digital’s institutional-grade liquidity and exchange-quality execution. Simply matching buyers with sellers within an anonymous execution venue, LMAX Digital offers its users transparent price discovery and conflict-free execution in major cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash.
LMAX Digital operates under similar rules and governance of its parent’s FCA-regulated multilateral facility (MTF), and its functionality is based on the venue’s existing technology stack. It offers to trade digital assets at the request of its existing institutional client base.
Interestingly, Genesis Markets said the results of this partnership will be almost invisible to the end user.
The company further explains: “A regular retail client might never experience the lack of liquidity on, let’s say, Binance. But LMAX Digital’s liquidity dwarfs Binance’s liquidity, making Genesis Markets quite lucrative for funds and crypto sharks alike.”
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In other words, the collaboration with LMAX Digital although improves the liquidity offering for retail clients, but it mainly targets big players who have been reluctant to transact these new assets given the difficulties in holding and securing them.
This could be explained with LMAX Digital’s cryptocurrency custodian services to clients who trade on its exchange, which solve one of the major problems that have prevented institutional investors from dabbling in the virtual asset class.
In addition, this partnership opens up a door for fiat-crypto deposits and withdrawals for GM clients, but enabling this feature has yet to come. LMAX Digital allows direct exchange of fiat money for cryptocurrencies and vice versa and offers crypto-fiat pairs for trading.
“Having such a reputable and legitimate powerhouse on our side makes us feel much more confident about the prospect of fiat gateways,” says GM.
Genesis Markets aggregates the liquidity from multiple exchanges to provide deeper order books to its clients. Currently, the firm’s platform is bridged to Binance, but negotiations with several other exchanges to join are under way.