Malta welcomes institutionally-equipped cryptocurrency exchange

September 14, 2018
Neil Dennis

Another cryptocurrency exchange is about to launch in Malta, the so-called Blockchain Island, aimed at drawing more institutional investors into the cryptocurrency sector.

LXDX, led by chief executive Josh Greenwald, a former propulsion and automation engineer at SpaceX, will provide the institutional trading tools of high finance to all investors – mirroring the traditional financial market experience, the company says.

Ground up design

The platform has built from the ground up using architecture designed and hosted on its own hardware and run from its own data centres.

LXDX says the interface includes features especially designed for institutional players, such as high-frequency trading, best price execution, simultaneous interface with multiple exchanges and the facility for trading large blocks of digital currencies.

At SpaceX, Greenwald provided crypto trading software and blockchain development services for institutional dark pools.

A dark pool is an alternative trading system for transacting large quantities of an asset or security – usually off-exchange, or over the counter (OTC) – without publicly revealing the buyer’s or seller’s intentions while the order is being placed.

Improving liquidity

“Lack of access to liquidity plagues existing cryptocurrency exchanges,” says Will Roman, LXDX chief operating officer.

“Substandard order matching times, inadequate security protocols, and market fragmentation drive institutions away from exchanges and to over-the-counter venues.”

Greenwald says: “We are excited to bring a higher calibre of technology to cryptocurrency investors everywhere.”

Post written by Neil Dennis
Neil is a business journalist of some 20 years experience, 16 of those writing, commissioning and editing on the capital markets desk of the Financial Times. He left the FT two years ago to pursue a freelance career, working for FX-MM and among others.

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