Genesis Markets, the cryptocurrency brokerage project of Genesis Vision has announced a partnership with institutional cryptocurrency exchange LMAX Digital, which is operated by UK Fx trading venue LMAX Exchange.
The partnership will provide client’s of Genesis market access to all features of LMAX Digital which includes institutional grade liquidity and exchange-quality execution. Alongside, matching buyers with sellers within an anonymous execution venue, LMAX Digital offers clients with transparent price discovery and conflict-free execution in all major cryptocurrencies including Bitcoin, Ethereum and Litecoin.
LMAX Digital operates under similar rules and governance of its parent’s FCA-regulated multilateral facility (MTF) whose functionality is based on venue’s existing technology stack. In simple terms, the exchange offers to trade in digital assets at the request of existing institutional client base.
For Genesis Markets, the real effect of the partnership will not be visible to the end-users. The partnership will allow Genesis Markets to improve liquidity offerings for retail clients, but its main targets are big players who have been reluctant to transact these new assets given its complexities in holding and securing them. The partnership also opens a door for fiat-crypto deposits and withdrawals for GM clients, which is yet to get launched.
LMAX offer crypto-fiat trading and also allows direct exchange of fiat money for cryptocurrencies. Regarding, targeting of bigger clients by Genesis which could be explained by LMAX’s cryptocurrency custodian services to clients who trade on its exchange. This one particularly solves one of the key problems, that helps institutional investors from playing around in the virtual asset class.
The company explained:
“A regular retail client might never experience the lack of liquidity on, let’s say, Binance. But LMAX’s liquidity dwarfs Binance’s liquidity, making Genesis Markets quite lucrative for funds and crypto sharks alike.”
Genesis further added: “Having such a reputable and legitimate powerhouse on our side makes us feel much more confident about the prospect of fiat gateways,”
Genesis Market mainly aggregates liquidity from multiple exchanges to provide deeper order books to its clients and the firm’s platform is linked to Binance. The company is undergoing negotiations with several other exchanges to join with them.