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There are new exciting developments in the crypto market nearly every day; the next launch of a crypto-based project is always around the corner. Recently, the Hong Kong-based FinTech company, the ATOM Group revealed their plans to launch the AAX Exchange.
The exchange is set to leverage the LSEG or London Stock Exchange Group’s Millennium Exchange matching engine. ATOM Group is a FinTech company, founded in 2018, which aims to provide “integrated business solutions in fintech, distributed ledger technology (DLT), digital asset management, digital asset exchange, and blockchain solutions.” Its team has a background that includes “extensive experience in developing high-frequency trading systems, blockchain development, and financial solutions.”
The announcement on LSEG’s website states that the AAX will be launched in the first half of 2019, and the AAX will be built on LSEG Technology’s Millennium Exchange matching engine. The same engine used by Long Stock Exchange, HKEX, SGX among some other big names. The engine is being used with the hopes of delivering high performance, reliable and trusted services to the investors according to the announcement.
The official announcement talks about the recent environment of fear in the international community regarding manipulation in the crypto market where prices of cryptocurrencies are manipulated to benefit one party while the rest of the blockchain-powered projects suffer the consequences. The AAX will help curb market manipulation through the institutional-grade platform, provide better security and improve reliability; essentially, it’s supposed to exhale an air of trust and confidence in the trading circles.
In a statement, Peter Lin, CEO of ATOM Group said:
“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… 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.”
Despite the bear market, such projects are overall encouraging for the market as a whole as they show that real efforts are being carried out in the crypto world today to overcome blockchain’s very few and yet very important flaws. At this pace, it won’t be long before blockchain becomes the new norm, making legacy currency and ‘middle-men’ fees a thing of the past.