LMAX Digital has become the first institutional cryptocurrency exchange to provide its real-time trading volumes to TradeBlock, a provider of enterprise data tools for blockchain assets.
TradeBlock provides a platform for cryptocurrency market data, trading capabilities, and price indices. Similar to Reuters and Bloomberg terminals in traditional finance, large institutions can turn to TradeBlock to navigate the world of blockchain-based assets.
The addition of LMAX’s spot volumes will enhance the quality of market information available to users on TradeBlock, which collects information necessary to determine whether or not the counterparty is qualified. Clients also receive assistance for onboarding their counterparties in OTC trades.
We’re very pleased to partner with @TradeBlock; LMAX Digital real time spot trading volumes are live streaming as of today. Enhancing the quality of market information is crucial to get more institutional investors to move into the #crypto space #cryptotrading @mercerdavid pic.twitter.com/VUBWu73k6J
— LMAX Group (@LMAX) December 5, 2019
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The move is part of LMAX Digital’s initiative to reveal its daily trading spot volumes, potentially challenging the dominance of benchmarks administered by independent industry aggregators.
In June, over $8.6 billion was transacted on the LMAX Digital crypto exchange, marking a new record for the platform. A month earlier, a record high of over $400 million in daily spot volumes was achieved on May 12. These monthly figures are three times more than April’s volumes, which stood at $2.2 billion.
“We are very pleased to be partnering with TradeBlock in the provision of LMAX Digital real time trading volumes to its respected institutional analytics platform,” said Jenna Wright, Head of LMAX Digital.
TradeBlock is not an exchange
Founded in 2013 by early cryptocurrency enthusiast brothers Greg and Jeff Schvey, the company was initially created to provide quality market data for blockchain-based assets like Bitcoin.
TradeBlock also offers an order management system for crypto assets, as well as other middle and back-office tools, to help market participants manage their OTC and exchange transactions.
It’s important to note that TradeBlock is not an exchange, but operates more like a technology provider that offers the infrastructure the investors need to trade crypto assets.
Nitai Bran, CEO of TradeBlock commented on LMAX integration: “As the digital currency market continues to evolve, execution venues that publish real time spot trading volumes and offer proven, robust trading technology to institutional market participants will be critical to its sustained growth. LMAX Digital’s high-performance infrastructure is a welcome addition to the space and a perfect fit for TradeBlock’s suite of industry-standard data and index offerings.”