Hong Kong Startup Launches a New Platform Based on the London Stock Exchange’s Trading Technology

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AAX, a crypto startup based in Hong Kong, boasts that its newly-launched exchange platform could process digital asset trading 10x faster than the world’s leading crypto exchanges.

The trading platform is based on the London Stock Exchange’s newest matching engine tech, the Millenium Exchange. The development team took 19 months to complete the project. As explained by AAX, the exchange platform is specially designed for retail and institutional investors who want to engage in futures, spot, and over the counter p2p (peer-to-peer) trading.

Furthermore, AAX would offer perpetual contract futures that could be settled in Bitcoin (BTC). The contracts would have five underlying digital assets –BTC, Ether (ETH), EOS, Ripple (XRP) and Litecoin (LTC). There is no expiration date, and the contracts can be leveraged up to 100 times.

While other leading equity markets such as the Hong Kong Stock Exchange relies on LSE’s trading technologies, AAX is reportedly the first-ever crypto exchange to use LSE’s Millennium Exchange matching engine.

The Hong Kong-based startup, which is now being described by industry analysts as Asia’s Bakkt, claims that futures trading in its platform can be completed in less than 0.0005 seconds. For comparison, Binance, one of the leading competitors, claims that its trading process for futures products takes 0.005 seconds.

Ann Neidenback, the CIO of LSEG Technology, shared her delight at the pilot deployment of Millenium Exchange in the cloud. She noted that AAX, along with its future users, would benefit from the matching engine’s world-class reliability, flexibility, and scalability. 

Notably, AAX was founded in March 2018. The firm’s CEO, Thor Chan, boasts that the company relied on its own capital and started with 100 staff. The majority of team members are developers.

As with the recent deal with LSE, the CEO revealed that the partnership was sealed in January. He emphasized that LSE’s matching technology presents itself as the best option for what the firm is seeking –a solution suitable for a crypto exchange that is welcomed by the mainstream finance sector.

In his closing statement, Chan said that the collaboration with LSE would open various opportunities for AAX. Notably, the London Stock Exchange Group is affiliated with more than 300 financial institutions and leading banks in different parts of the world.

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