LMAX Digital Sees Client Influx as Institutional Crypto Demand Soars

The platform recorded an ADV of $2.5 billion in the past year.

LMAX Digital, the digital currency arm of the LMAX Group, revealed some key trading statistics as the institutional exchange completes three years of its operations. The platform recorded a solid increase in demand over the years with a total trading volume of $400 billion.

Last year, the institutional crypto exchange reported a two-year volume of $85 billion, as demand on the platform skyrocketed to 10 times its previous figures in the past year.

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The average daily trading volume (ADV) on the exchange remained $2.5 billion for the past 12 months. This is another 10 times leap from the previous year’s numbers. The ADV touched a record $6.5 billion on May 19, the day infamous as ‘Black Wednesday’ due to the dive in the crypto market.

Additionally, the latest press release highlighted that the platform onboarded more than 200 new clients in 2020 alone, taking the total number of institutional traders to 450. Indeed, this was the result of growing interest in cryptocurrencies among institutions.

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More Space in the Institutional Market

Commenting on the numbers, LMAX Group CEO, David Mercer said: “The rapid rise of cryptocurrencies has been well documented, so we’re thrilled to have established LMAX Digital as the primary price discovery venue within the industry. Our products and services continue to quickly adapt to meet the needs of our fast-growing institutional client base.”

Moreover, he believes that this surge in demand is only the beginning of the institutional crypto market. “We expect much broader adoption by institutional investors, which will drive a greater sophistication of products required.”

Launched in 2018, LMAX snatched a Gibraltar DLT provider license to operate its institutional crypto business. It is operational globally, including the lucrative markets of Asia, Europe and the United States.

“We are delighted to have more than doubled the number of clients in the last twelve months. Institutional interest has been extraordinary, which is a testament to the quality of our technology and the unique benefits clients get from the wider LMAX Group, including longstanding Liquidity Provider relationships, infrastructure, connectivity and access to FX trading,” said Jenna Wright, Managing Director at LMAX Digital.

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