Former SpaceX Engineer Targets Consumer Traders With His LXDX Crypto Exchange

A former engineer at Elon Musk's SpaceX has announced his new firm LXDX would launch a public cryptocurrency exchange, Leaprate reports Monday, September 17.

Previously engaged in automation and propulsion at SpaceX, Joshua Greenwald has since turned his attention to institutional-grade cryptocurrency trading.

While already operating for institutional investors, Greenwald now wishes to hook the mainstream consumer market.

"Our immediate focus is on cryptocurrency and enabling every investor to utilize the exclusive tools, like smart order routing, that only institutions previously could access," Leaprate quotes him as saying.

LXDX received backing from a mixed bag of investors in August, chief among which was Dymon Asia Venture Capital Fund, before confirming a move into Malta last week.

The announcement comes as the institutional investment sector becomes an increasingly important focus for traditional finance heavyweights, rumors circulating last week about plans from both Citigroup and Morgan Stanley to begin offering exposure to Bitcoin.

"Cryptocurrencies are a wholly new asset class," Greenwald told Venturebeat after announcing the August funding round.

"To the extent that they can be integrated into the existing infrastructure, we seek to facilitate that integration We anticipate massive scaling in tokenization and securitization."