The Hong Kong-based cryptocurrency exchange has been making quite a buzz in the crypto market as after 19 months of development and testing; the exchange has finally gone live with support for website and mobile. AAX is the new cryptocurrency exchange startup that was launched recently, and the platform uses matching engine technology, which is also used by the London Stock Exchange.
The exchange was launched to provide the retail and institutional investors with services like spot trading, OTC peer-to-peer trading, and futures trading. LSE has shared its Millennium Exchange matching engine for the first time with a crypto exchange. The Hong Kong Stock Exchange also uses this tech.
AAX features and Faster than Binance
The new exchange platform offers several features for the users as it provides crypto-to-crypto spot trading. The exchange platform has high expectations from the future of Bitcoin, which is why they have focused more on the Bitcoin futures settlement. The contracts will be launched with no expiration date, and they will be tied to five digital assets- Bitcoin, Ether, Ripple, Litecoin, and EOS.
The crypto exchange has claimed that the LSE’s matching engine has a processing speed of 0.0005 seconds, which would help in faster transactions. Binance is a leading exchange platform that advertises a settlement speed of 0.005 seconds for all its products on Binance Futures. Thor Chan is the CEO of AAX, and he started this company in 2018 with his capital, and now the company has a team of 100 people, out of which 60% are developers.
AAX, Asia’s Bakkt?
Recently, Bakkt launched the market for physically-settled Bitcoin futures for institutional investors. These physically delivered Bitcoins will need a middleman to help with the settlement, but AAX has the advantage here. They have no provisions for fiat deposits or withdrawals as they are not allowed to take deposits or withdrawals from China.
The launch took place just after the Hong Kong Securities and Futures Commission (SFC) issued a warning for exchanges that offer futures trading for cryptocurrencies.
