Former SpaceX engineer and stock trader Joshua Greenwald founded a cryptocurrency exchange called LXDX, which intends to make trading easier for institutional investors.

LXDX has recently moved its base of operations to Malta, one of the most crypto-friendly regions in the world, which has also attracted to Binance, OKEx, and One of the primary investors in the project is Singapore’s Dymon Asia Capital, a massive firm worth $4.9 billion.

Greenwald, in a statement published by LeapRate, explained:

Our immediate focus is on cryptocurrency and enabling every investor to utilize the exclusive tools, like smart order routing, that only institutions previously could access. When we built top tier infrastructure for traditional markets, our team solved many of the same problems facing cryptocurrency exchanges today.

LXDX will reportedly offer investor high-frequency trading capabilities, with full order lifecycle latencies under 50 microseconds. It’ll also feature “multi-layer secure cold storage,” and full know-your-customer and anti-money laundering policies. It’ll ensure liquidity through smart routing.

There is fierce competition for projects that offer traditional investors an on-ramp into crypto markets. This week, CryptoGlobe reported that BlockTower Capital, a cryptocurrency hedgefund founded by a former Goldman Sachs executive, is partnered in the development of a $16 million cryptocurrency investment project called Caspian. Caspian promises to solve many of the same problems for institutional investors that LXDX does, and they are just two of many competitors in this quickly growing market.

Galaxy Digital founder Mike Novogratz recently predicted that the foundations currently being established by institutional investors will ultimately be responsible for the market’s next bull run.

The billionaire investor called a bottom in the cryptocurrency market earlier this month after the Bloomberg Crypto Index (BGCI) hit a low on September 13.

It is important to note that Greenwald is not the first former SpaceX employee to take an interest in the crypto space. In fact, former SpaceX Vice President Jim Cantrell, and his son Colin are behind a cryptocurrency called Nexus (NXS), which hopes to operate a blockchain and internet network from cube satellites that will be launching next year