Bitcoin Global News (BGN)
March 06, 2019 -- ADVFN Crypto NewsWire -- Cryptocurrency
exchanges have made great strides in creating trading platforms
that will be attractive to institutional investors. The major
barriers have been the knowledge-gap between traditional fiat
systems and digital assets, along with the inconsistent and
constantly evolving government regulations involved with these
types of businesses depending on what country or even city within a
given country the business is located.
LGO Markets is introducing a more
familiar process for conducting cryptocurrency trading for
institutional investors. They have secured 10 institutional clients
including over-the-counter (OTC) trading desks, hedge funds, crypto
businesses and market makers. They have another 56 clients in the
onboarding process.
“There are roughly 400
institutional clients that are currently trading in the
cryptocurrency market,” Renaudin told CoinDesk. “We estimated this
by talking to the crypto-friendly banks. Among these 400, it’s
mostly hedge funds, proprietary trading firms, OTC brokers, a few
family offices, asset managers and purely crypto players like
lending providers that consider trading bitcoin as a part of their
business.” - CEO Hugo Renaudin
Growing With The FinTech
Industry
Just over a year ago, a company
called Legolas raised 3,600 BTC through an ICO that was registered
in France. The LGO tokens were equivalent to $32.5 million at the
time, and purchased by over 9,000 retail investors registered in
more than 50 countries. The exchange platform has since been
renamed, to LGO Markets, but the token will still become the native
currency on the platform. Official launch was this week, but the
platform will not be fully functional to conduct trades until March
11th.
The LGO Markets platform concept
rose from a team youthful entrepreneurs and seasoned finance
professionals. CEO Hugo Renaudin interned at BlackRock and
Societe Generale, worked for blockchain the startup BitSpread and
then founded LGO. The team includes former Bank of America director
of prime brokerage sales, Camilla Churcher as head of sales. The
platform itself was designed to pair well with their strong
cryptocurrency connections and traditional banking
network
Mimicking
Tradition
The platform takes a step back in
terms of efficient in a sense. Rather than working directly with
clients, LGO markets uses a middle-man for custody and trade
confirmations. In this way, their trades make the same steps to
completion that traditional investments would make. However, it is
being done through newer, more efficient blockchain systems.
Clients will need to set up a multi-signature wallet - one key is
controlled by the client, a second held by LGO Markets, a third by
a their clearing house, Altcoinomy. For fiat deposits, clients will
register with Signature Bank, which uses Signet, a blockchain-based
settlement system for Bitcoin transactions.
By: BGN Editorial Staff