LGO Markets

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LGO Markets
LGO Markets.jpeg
Founded 2017
Headquarters New Jersey
Key People Hugo Renaudin, CEO
Employees 30
Products Non-custodial spot cryptocurrency exchange
Twitter @LGOGroup
LinkedIn Profile
Facebook LGO.Group
Website LGO Homepage
Blog LGO Markets Blog

LGO Markets is a fiat-to-cryptocurrency exchange that provides non-custodial trading modeled on current stock market industrial organization. LGO Markets requires its members to have U.S. dollar accounts at a specified bank for fiat transactions. Members also must have a multi-signature cryptocurrency wallet that requires at least one signature from the customer and one signature from the customer's clearing firm in order to transfer cryptocurrency. LGO Markets relies on Altcoinomy, a Switzerland-registered financial services firm, to make the transfers between buyers and sellers.[1]

LGO Markets, a part of the LGO Group, announced on March 4, 2019, that it had launched its cryptocurrency exchange. Trading begins on March 11; until then, the market's website will be available only for customers to establish their accounts.[2]

LGO Markets was funded by a February 2018 token sale conducted by LGO's French branch under French law without U.S. investors. The sale raised 3,600 bitcoin, which was valued at roughly $32.5 million at the time of the sale.[3] According to CoinMarketCap, an online industry data reporting service, at the beginning of March 2019 the LGO token (LGO) was the 275th largest token by market capitalization.[4] Eventually, the token will be usable to pay fees for services on LGO Markets.[5]

Anticipating an opening to retail traders later in 2019, LGO Markets focused on the institutional segment of the market place at first. Hugo Renaudin, CEO of LGO Markets, told CoinDesk that the company estimated there were approximately 400 entities trading cryptocurrencies in early 2019: "We estimated this by talking to the crypto-friendly banks. Among these 400, it’s mostly hedge funds, proprietary trading firms, OTC brokers, a few family offices, asset managers and purely crypto players like lending providers that consider trading bitcoin as a part of their business.”[6]