The London Stock Exchange announced Tuesday it was agreeing to sell some of its trading technology to a Hong Kong-based cryptocurrency exchange. This is seen by many in the cryptocurrency community as a step towards wider adoption and also sends a positive signal to the financial community regarding cryptocurrencies.
The deal sees the fintech company Atom Group buying the technology from the London Stock Exchange Group in order to power it’s digital assets exchange AAX. It’s notable that the deal comes at a time when there are still some doubts over the safety, legality and regulatory environment in cryptocurrencies operate.
According to a separate statement from the ATOM Group on Tuesday, the LSE Group also provides tech solutions to the Hong Kong Stock Exchange (HKEX) and Singapore Exchange (SGX).
The ATOM Group CEO Peter Lin said that Millennium Exchange will help AXA build a platform that ensures “safe, trusted and secure” trading for both retail and institutional investors. It will also enable AAX to provide a “scalable” and “compliant” crypto trading platform.
Ann Neidenbach, Chief Information Officer, LSEG said:
“We are delighted to have been selected by Atom to provide a best-in-class technology solution to help power its new exchange. It underlines Millennium Exchange’s reputation for performance, scalability, flexibility and reliability and we look forward to working with the AAX team ahead of the launch in the first half.”
Under the deal, the LSEG will be equipping AAX with the latest Millennium technology to help match trades on the Hong Kong-based exchange. With this technology, AAX will be able to deliver high performances, even at peak-time trading periods, while also simultaneously giving assurances in the face of rising security concerns.
The London Stock Exchange today took a major step towards correcting the skewed perception the general public has about the speculative field of cryptocurrencies by agreeing to sell some of its trading technology to a Hong Kong-based digital assets exchange.
The deal, made by the London Stock Exchange Group with the fintech company Atom Group for its digital assets exchange AAX comes at a time when genuine concerns about the safety, legality and regulatory environment over cryptocurrencies remain. Under the deal, the LSEG will be equipping AAX with the latest Millennium technology to help match trades on the Hong Kong-based exchange.
With this technology, AAX will be able to deliver high performances, even at peak-time trading periods, while also simultaneously giving assurances in the face of rising security concerns. It also marks a growing trend among crypto trading platforms that are looking to source their technology from traditional stock exchange companies.
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