London Stock Exchange Sells Trading Tech to Hong Kong Crypto Exchange

The London Stock Exchange (LSE) is trying out new grounds with cryptocurrency. However, the exchange is taking things slowly to minimize any form of risk after it sold its trading technology to Hong Kong-based exchange AAX.

Profitability Not Lost To LSE

A recent report by the Financial Times revealed that the Millennium Exchange matching system of the London Stock Exchange had been offered to AAX, a deal sharing a close resemblance to the one Nasdaq and Estonia’s DX Exchange signed at the beginning of this month.
LSEG Technology’s global head of sales and marketing, Lorne Chambers was quoted in the publication saying: “If you look at the traditional market, there is a limited number of traditional exchanges.” He continued, “But there are a number of crypto exchanges springing up.”
Prior to this time, the London Stock Exchange has avoided the crypto sector, but that is all about to change now. The same cannot be said for Nasdaq and Intercontinental Exchange, owner of the New York Stock Exchange, which already has its hands in the crypto industry.
Crypto regulation in the United Kingdom is just getting a foothold as people are still getting used to it, in addition to the alarm raised by lawmakers informing industry commentators and businesses of the inclusion of potential bans on financial products and services that are crypto-related.

Regulated Tech Is the Way Forward

This is a welcomed development for Atom Group, the company backing AAX. The group believes that the inclusion of regulated entities will further add strength to the exchange sector.
“One of the things we see in crypto is a lot of people have built their own technology,” said CEO Peter Lin.

“One of the things we need moving forward is to bring in more technology from regulated markets to make sure this is safer for investors.”

On the other hand, Bitcoin supporters don’t wish to hear about anything called regulation. Their argument is based on security reasons. They are of the opinion that security can only be achieved through private custody of cryptocurrency as against the legislation route via thoroughly-regulated third parties.
In recent weeks, Japan granted licenses to several exchange platforms of which Coincheck is one of them. Coincheck lost a significant amount money a year ago to a hacking event, an amount estimated to be more than half a billion dollars.
The new owner of the company, Monex Group, has slowly made the platform functional again and has also made arrangements for all those who lost their investments to be refunded.

Related posts
BanksBitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsUSAxbtusd

Bitcoin Retakes $57K As Hundreds Of US Banks Prepare To Offer Crypto Trading And Custody To Clients

Bitcoin has recouped the losses from recent sell-off after news that the world’s oldest cryptocurrency is soon coming to hundreds of United States banks. Data from CoinMarketCap shows that bitcoin is hovering at $57,091.36 at press time, with 5.47% daily…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTJamie DimonjpmorganNewsxbtusd

My Clients Care About Bitcoin, I Don’t: JPMorgan CEO Jamie Dimon

The trajectory that bitcoin has seen over the last decade has been nothing if not interesting. There was a time where it was popular among top financial executives to denounce bitcoin and declare it is a scam or fraud at…
CoinbasecryptocurrencyCryptocurrency NewsFeaturedNews

How Coinbase is Driving the Crypto Market to the Richest Fintech Hands

Not every cryptocurrency proponent is a fan of the giant exchange platform Coinbase. But if sentiments are kept aside, it is crystal clear that the platform is leading the cryptocurrency market into some of the richest hands the industry will…