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LMAX Weighs Sale or IPO as Crypto Trading Platform Continues to Grow

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LMAX Group, operator of an institutional crypto trading platform, is exploring a potential sale or initial public offering (IPO). Morgan Stanley and KBW have been tapped as advisors to guide the process. Founded in 2010 by Betfair and Goldman Sachs, LMAX initially focused on foreign exchange and Contracts for Difference trading.

However, in 2018, LMAX launched LMAX Digital, a platform that supports spot trading across major digital assets like BTC, ETH, LTC, BCH, XRP, and SOL. The Gibraltar Financial Services Commission oversees LMAX Digital, which has won 'Best Crypto Trading Platform' awards from 2022 to 2025.

Morgan Stanley and KBW bring significant expertise in exchange and market infrastructure deals to the table. If LMAX chooses the IPO route, it will join a small group of publicly traded companies focused on crypto trading, with Coinbase being the most prominent example.

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