London Stock Exchange Hooks Into the Crypto Industry Powering Hong Kong-based Exchange AAX
The London Stock Exchange is selling its trade-matching technology to a new cryptocurrency exchange AAX that is based in Hong Kong.
By Julia SakovichUpdated
3 mins readPhoto: Brian Channell / Flickr
Today it is quite a common practice for traditional financial institutions to go in for cutting edge technologies with a view to open more opportunities for their existing clients and to attract new ones.
The London Stock Exchange is definitely one of the financial giants that do not deny the progress in the sphere. CoinSpeaker has already reported about the first company in the crypto industry listed on the London Stock Exchange. It was a cryptocurrency mining firm called Argo Blockchain PLC and in August 2018 it made headlines after having raised $32 million in its IPO on the LSE.
But it was only a beginning of the LSE’s crypto journey. Now it’s moving forward.
LSE and Crypto Exchange
According to the recently revealed information, AAX, a new cryptocurrency exchange launched by Hong Kong-based fintech firm ATOM Group, has purchased trading technology from the London Stock Exchange.
The LSE’s Millennium Exchange matching engine was chosen to power AAX and it is the first deal of such a kind for the LSE.
Though the London Stock Exchange has already gained some experience in selling its technologies, previously its buyers were traditional stock exchanges in Singapore and Hong Kong. So, it’s the first such an initiative with a crypto exchange.
Millennium Exchange Matching Engine
CEO of ATOM Group, Peter Lin, explained that in their opinion Millennium Exchange technology will help them to create a reliable platform. Their aim is to make their exchange safe and secure for both retail and institutional investors and the LSE’s system is able to ensure it.
“Trust is at the heart of ATOM’s philosophy and we are delighted to be working with LSEG Technology to deliver a core part of our new digital asset exchange. AAX will leverage LSEG’s Technology to deliver a world-class exchange that ensures safe, trusted and secure digital asset trading for all. The AAX exchange will allow investors to trade all major digital assets with greater levels of fairness, transparency, and performance.”
Moreover, they also suppose that thanks to this matching engine they will be able to offer their clients a scalable and compliant crypto trading platform that they could rely on.
According to ATOM Group, they are also extremely interested in making their exchange an absolutely secure platform. That’s why they have chosen the U.S.-based cybersecurity firm Kroll to be their partner that will provide the platform with effective security solutions.
Though crypto exchanges can’t be considered to be an absolutely new phenomenon, they still haven’t managed to win full credibility. A lot of people are afraid of losing their funds due to a risk of being hacked and a lack of security.
Nevertheless, with such giants like the London Stock Exchange that are step-by-step entering the crypto world, the situation may soon be completely different.
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