London Stock Exchange to Provide Trading Tech to AAX Crypto Exchange
ATOM Group has chosen LSE’s Millennium Exchange matching engine to allay investors’ safety concerns.
The London Stock Exchange (LSE) is entering the cryptocurrency space by agreeing to provide its trade-matching technology to AAX, a digital asset exchange being launched by Hong Kong-based fintech company ATOM Group. In a press release on Tuesday, the LSE Group said AAX would become the first crypto platform to use its Millennium Exchange matching engine.
This is the same technology used by the LSE and other global venues, such as the Hong Kong Stock Exchange (HKEX), the Johannesburg Stock Exchange (JSE), and the Singapore Exchange (SGX).
AAX is slated for launch in the first quarter of this year. In a separate statement, ATOM explained that the platform would initially offer users access to the crypto spot and futures markets, later adding support for tokenized assets, such as securities tokens, asset-backed tokens, and stablecoins. ATOM’s plans include the launch of AAX Pro, a professional-grade trading platform catering to institutional clients.
The use of LSE’s technology represents “an innovative move to embed institutional performance and best practice into the emerging digital asset marketplace,” ATOM stated. It added that the Millennium Exchange matching engine would help AAX deliver reliable and trusted services to investors who demand greater reassurance with regard to market manipulation, as well as better security and improved reliability of peak-period performance.
“The digital asset marketplace faces a critical need for more industry best practice in order to build greater investor confidence. AAX will leverage LSEG Technology’s platform and expertise to deliver a world-class exchange that provides fair, trusted and secure digital asset trading for all,” ATOM Group CEO Peter Lin said.
He went on to add that more institutional and mainstream investors would enter the digital assets market this year, following the example of Fidelity Investments, which jumped on the cryptocurrency bandwagon last October.