This week, LMAX Digital announced that the exchange had a record trading volume in May. The LMAX Exchange Group operates the digital asset trading platform.
Last month, over $5 billion was transacted on the LMAX Digital crypto exchange, marking a new record for the platform. May 12th was a particularly special day for the exchange, as it attained an all-time high daily spot trading volume of $400 million.
According to the company, the monthly trading volume attained in May was more than twice as much as the $2.2 billion achieved in April. That said, April was a disappointing month for traders, both crypto and forex.
The main reason for the surge in May’s trading volumes is the bullish run experienced in the crypto market recently. It was the first time since the beginning of the year that the value of many cryptos had increased.
Jenna Wright, the head of LMAX Digital, said that many institutional investors had ditched altcoins in favor of Bitcoin over the past month. Also, the investors now prefer regulated trading platforms such as LMAX Digital over unregulated crypto exchanges.
Since its launch in May 2018, LMAX Digital has gained 175 clients. This indicates that institutional investors are increasingly venturing into cryptocurrency trading.
Increased Demand for LMAX Digital’s Services in the US and Europe
LMAX Digital has also revealed that most of their clients are from the Asian market, with Japan leading the charge. The exchange is also receiving lots of interest from American and European companies. In this regard, Wright said that the platform is increasing its onboarding teams in London and Gibraltar to handle the growing demand for their services.
David Mercer, the CEO of LMAX Exchange Group, said that most of their clients were tech SMEs that are willing to take this risk of investing crypto. In exchange, the exchange is providing the clients with low latency, efficient price discovery, and sufficient liquidity. He concluded by saying that LMAX Digital is benefiting from the $100 million investment the LMAX Exchange group has made in technology over the past seven years.
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