A cryptocurrency exchange based in Hong Kong has been trending in the crypto market. The exchange took 19 months for its development and testing and has finally gone live with support for website & mobile.
The new cryptocurrency exchange is named AAX and the platform uses matching engine technology, which is also used by the London Stock Exchange.
The exchange aims to provide institutional and retail investors with services like OTC peer-to-peer trading, futures trading, and OTC peer-to-peer trading. For the first time, LSE has shared its Millennium Exchange matching engine with a crypto exchange and the same tech has been used by the Hong Kong Stock Exchange.
AAX offers various features to the users as it provides crypto-to-crypto spot trading. The platform has high expectations from the future of Bitcoin, and that's the reason why the exchange is more focused on the Bitcoin futures settlement. The contracts will be launched with no expiration date, and they will be tied to five digital assets- Bitcoin, Ether, Ripple, Litecoin, and EOS.
The exchange claims that LSE is giving a matching engine processing speed of 0.0005 seconds that will help in faster transactions. The leading crypto exchange Binance offers a speed of 0.005 seconds for all its products on Binance Futures. The CEO of AAX, Thor Chan, started the company in 2018 with his capital, and the company now has a team of 100 people among which 60% are developers.