Hong Kong-based Crypto Exchange to Use London Stock Exchange's (LSE) Trading Software

  • London Stock Exchange Group Plc (LSEG) has agreed to let ATOM Group use its software.
  • Software to be used by ATOM's Hong Kong-based crypto exchange, AAX. 

The London Stock Exchange Group Plc (LSEG) has reportedly decided to sell some of its proprietary trading technology to the ATOM Group, a Hong Kong-registered multinational fintech firm.

According to the announcement’s press release, the ATOM Group is planning to use LSEG’s trading software for its cryptoasset exchange (called AAX). The integration of LSEG Technology's “Millennium Exchange” platform is scheduled to be completed during the first half of this year. Notably, AAX is the world’s first digital currency exchange that will be built on LSEG’s trading platform.

At present, the Hong Kong (HKEX) and Singapore (SGX) Stock Exchanges are using “matching engines” developed by the LSEG. Integrating the institutional-grade trading software onto its exchange platform will allow the ATOM Group to provide “high performance, reliable and trusted services to investors”, the announcement noted. Institutional investors have not yet made substantial investments into digital assets because they are concerned about the lack of proper security on centralized crypto exchanges.

LSEG's Millennium Exchange "Matching Engine"

Commenting on the importance of providing reliable and high-performance trading solutions, Ann Neidenbach, the chief information officer (CIO) at LSEG Technology, remarked:

We are delighted to have been selected by ATOM to provide a best-in-class technology solution to help power its new exchange. It underlines Millennium Exchange's reputation for performance, scalability, flexibility and reliability and we look forward to working with the AAX team ahead of the launch in H1 2019.

Crypto market analysts are expecting more regulatory clarity this year and a greater level of transparency. Acknowledging the need for compliance and better trading tools, Peter Lin, the 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.

In mid-October 2015, Carlson Tong Ka-Shing, the head of Hong Kong’s Securities and Futures Commission (SFC), had said the special administrative region was planning on tightening crypto regulations for local exchanges. Ka-Shing explained that there had been increasing concerns about the risks associated with trading on unregulated platforms.

Expecting Greater Institutional Involvement

Due to increased regulatory oversight expected this year, it’s likely that new and existing crypto exchanges in Hong Kong and in other jurisdictions will be implementing improved security measures. Anticipating greater participation and contributions from institutional players, Ling noted: 

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.

Notably, the “agreement with LSEG Technology” will allow AAX to offer:

  • “Institutional-grade technology” as used by established traditional exchanges including the LSEG, HKEX and SGX,
  • “Scalable, compliant platform” as used by regulated markets worldwide, and
  • “Industry standard process and operational excellence.”

The AAX platform will also reportedly “leverage global security” tools provided by Kroll, an online security solutions provider.

Travala’s Token AVA Jumps Following Announcement of Partnership with Expedia

Michael LaVere
  • Binance-backed cryptocurrency travel booking platform Travala has announced a partnership with Expedia Group.
  • Travala's native token AVA appreciated more than 20 percent following the announcement.

The Binance-backed travel booking website Travala has announced a new partnership with the online travel agency Expedia Group. 

According to a press release published July 6, Travala and Expedia have joined forces to offer consumers a frictionless cryptocurrency travel-booking experience. The release claims more than 700,000 Expedia Group hotels and accommodations have been made available via Travala.com, in addition to the platform’s existing 2 million hotels across 230 countries. 

Juan Otero, CEO and co-founder of Travala, said the new partnership reflected the rise in popularity for cryptocurrency. He also explained that consumer travel was on the rise following months of COVID-19 imposed shutdown. 

He said:

Our latest month-on-month data shows consumer confidence and the desire for travel is returning, with an 81% increase in room nights booked and website traffic up 50% week-on-week.

Binance CEO Changpeng Zhao said Travala had proven its ability “to build a world-class travel booking platform” and was excited by the partnership with Expedia. 

AVA, the native token for Travala, underwent a subsequent price increase following the announcement. As of writing, the coin has appreciated more than 20%. 

Altcoins Move up as Bitcoin Stalls

The AVA token is not the only in the cryptocurrency space growing exponentially so far this year. While the price of bitcoin has been range-bound moving between $9,000 and $10,000 since the beginning of May, various altcoins have been moving up.

Over the last 6 months, the price of BTC is up little over 13% according to CryptoCompare data, while other altcoins have been moving up. Most of these are related to the decentralized finance space, or to blockchains launching new products or announcing specific partnerships.

VeChan's VET, for example, surged after it was announced VeChain was attending the World Artificial Intelligence Conference 2020, hosted by the Shanghai Municipal People's Government. The conference will also be attended by Microsoft, Alibaba, Tencent, Huawei, and Amazon. One VET is changing hands for $0.0148, up from $0.,0055 in January.

As CryptoGlobe reported, Kyber Network's KNC tokens have risen over 650% year-to-date thanks to the upcoming Katalyst update, which will allow token holders to earn ETH rewards while participating in governance by staking their tokens. 

Another altcoin that moved up significantly is OKEx's OKB cryptocurrency. The token, which gives various advantages to the bitcoin exchange's users, is up 74% over the last six months, going from $2.78 to $5 at press time.

day_CryptoCompare_Index_OKB_USDT_231_11594045158429.pngSource: CryptoCompare

OKEx's OKB isn't tied to decentralized finance protocols, which Waves CEO Sasha Ivanov warned could be turning into the  next ICO bubble, but is instead tied to one of the leading crypto exchanges in the world. 

Decentralized finance protocol Aave has also seen the price of its LEND token surge so far this year. While in January the tokens were trading at $0.017, they are now $0.175 -- a 750% increase.

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