J.C. Flowers takes stake in LMAX to accelerate growth in cryptocurrency exchange

Closely held investment firm J.C. Flowers agrees to acquire a 30% stake in LMAX Group, an operator of institutional execution venues for foreign exchange and cryptocurrency trading, and forms a partnership to tap growth through forex and cryptocurrency markets globally, particularly in the U.S. and Asia.J.C. Flowers is acquiring shares from LMAX Group employees for $300M in cash, valuing the company at $1B.Based in London, LMAX Group operates five exchanges globally, matching engine infrastructure in London, New York, and Tokyo with clients in more than 100 countries.Over the past decade, the company built its institutional forex exchange and, in 2018, started LMAX Digital institutional spot cryptocurrency exchange, now serving more than 500 institutional clients and the second largest bitcoin exchange in the world.That could put more pressure on Coinbase Global ([[COIN]] -0.6%) and Fintech Acquisition V ([[FTCV]] -0.3%), the Betsy Cohen SPAC that plans to take Israeli crypto trading platform eToro