LSE to boost cryptocurrency exchange in Hong Kong

The London Stock Exchange is providing the trade-matching technology for an upcoming cryptocurrency exchange in Hong Kong.

This was announced by the LSE Group on Tuesday that its Millennium Exchange matching engine has been chosen to power AAX, a new exchange platform being launched by Hong Kong-based fintech firm ATOM Group.

AAX is scheduled to be launched in the first half of this year and will be the first crypto exchange to use the matching engine product, according to the LSE.

According to a separate statement from the ATOM Group on Tuesday, the LSE Group also provides tech solutions to the Hong Kong Stock Exchange and Singapore Exchange.

Read Also:  Manchester United top four hopes assessed after Tottenham Hotspur suffer shock defeat

The Chief Executive Officer, ATOM Group, Peter Lin, said that Millennium Exchange would help AXA build a platform that ensured “safe, trusted and secure” trading for both retail and institutional investors.

It said it would also enable AAX to provide a “scalable” and “compliant” crypto trading platform.

For security solutions to protect the upcoming exchange, ATOM Group said it will partner with the United States-based cybersecurity firm Kroll.

Crypto trading platforms are increasingly looking to source their infrastructure from traditional stock exchange companies.

Last April, crypto exchange Gemini partnered with Nasdaq to use its SMARTS Market Surveillance technology to automatically detect any possible price manipulation or other illicit activities. Recently launched tokenized shares trading platform DX.Exchange also harnesses a matching engine product from Nasdaq.

Read Also:  Bakr Al- Baghdadi Wife reveals ISIS Secret

Conversely, the LSE has been looking at blockchain tech for some time, although unlike some stock exchanges like the ASX, it has not moved to adopt the tech so far.

Source: Punch Newspaper


Check Also

Iran VS U.S.A: We mistakenly shot down Ukrainian plane that killed 176 people – Iran president admits

Iranian President, Hassan Rouhani has announced that the country’s military mistakenly shot down a Ukrainian …