Atom crypto exchange readies for Hong Kong launch
Hong Kong-based Atom Group has chosen the London Stock Exchange Group (LSEG) as tech provider for its new cryptocurrency exchange.
Atom Group’s settling in nicely in HK.
Called AAX, it is set to launch in H1 2019 and is the “first” digital asset exchange to be built on LSEG’s Millennium Exchange matching engine, which also provides technology services to the Hong Kong (HKEX) and Singapore (SGX) exchanges.
“The digital asset marketplace faces a critical need for more industry best practice in order to build greater investor confidence. AAX will leverage LSEG Technology’s platform and expertise to deliver a world-class exchange that provides fair, trusted and secure digital asset trading for all,” says Peter Lin, CEO of Atom Group.
According to Atom, the announcement follows the recent Securities and Futures Commission guidelines for cryptocurrency trading in Hong Kong.
“With institutions such as Fidelity Investments entering the market and others also gearing up for entry, we predict the digital asset class is primed for entry by institutional and mainstream investors in 2019,” Lin adds.
AAX has a transitional licence with Malta and is also completing the license application process in Estonia, according to Lin, who founded the firm in 2018.
The Hong Kong exchange will focus on the trading of high-liquidity cryptocurrencies as well as spot and futures markets, and plans to eventually offer trading of other assets such as securitised tokens, and fiat-crypto trading services, subject to the kind of licensing obtained.
