Institutions are indifferent by crypto assets that continue to trade well below all-time highs, LMAX Group CEO David Mercer told TechCrunch.
Even though the total crypto market cap has fallen from over $2 trillion at the start of the year to around $1 trillion today, institutional investors “didn’t hesitate an inch,” Mercer said.
“He didn’t back down,” Mercer said. After the chaos surrounding crypto lending platforms like Celsius and BlockFi and the collapse of the Terra LUNA ecosystem in May, everyone expected institutions to pull their pledge, Mercer said.
But institutional engagement today is the same as last year, and “maybe even better,” Mercer commented. Institutions are moving forward, he added. “The herd is advancing little by little.”
In 2018, the company launched LMAX Digital, an institutional cryptocurrency exchange. “[When we launched] we asked 35 banks if they wanted to trade this product and have market data, they said no,” Mercer said. “Today, 14 of those 35 are taking our market data.”