Institutional crypto trading platform LMAX explores sale or listing, with a possible valuation of up to $5 billion

Comparatively, institutional crypto trading platform LMAX Group is cooperating with Morgan Stanley and Stifel's investment bank KBW to evaluate strategic options, including a sale, SPAC merger, or listing in the US or Europe, with a valuation of up to $5 billion. People familiar with the matter revealed that the NASDAQ listing is currently a priority plan, but the company is not in a hurry to advance, and its core foreign exchange business can hedge against the impact of the current downturn in the crypto market.

Headquartered in London, LMAX is regulated by the United Kingdom's Financial Conduct Authority (FCA) and provides banks, brokers, hedge funds and asset managers with a place to trade foreign exchange and digital assets institutions. In 2021, private equity firm J.C. Flowers bought 30% of its shares for $300 million, which was valued at around $1 billion at the time. In January of this year, Ripple invested $150 million in the LMAX strategy to drive institutional adoption of the RLUSD stablecoin. (CoinDesk)