Binance LCX Announces Fiat-to-Crypto Exchange for Retail & Institutional Investors
The Liechtenstein Cryptoassets Exchange, also known as LCX, announces the launch of services focusing on digital assets. A new project in partnership with Binance is to launch a fiat to crypto exchange. The project will be known as Binance LCX exchange, which will include crypto custody as one of its many features.
A formal meeting included CEO of Binance and Liechtenstein and founder of Techcrunch to discuss the upcoming exchange launch. Adrian Hasler, the Liechtenstein Prime Minister, praised the endless possibilities of blockchain technologies that can support a rise of a new industry. The existing groundwork of Liechtenstein can provide a strong foundation to the Binance technologies and other exceptional Blockchain companies.
The Binance team will provide the platform for Liechtenstein, and the new exchange project will manage everything from legal requirement, customer support, KYC, due diligence, AML and several government communications.
Also, there might be a hiring rush as the team has decided to include 10-15 employees particularly to work on the exchange at the Liechtenstein office. This new partnership is reported to be sustainable and reliable in the eyes of the market analysts and will work well for retail and institutional investors.
The Binance LCX will provide new standards of compliance and stability to the blockchain industry and the head of the organization hopes for best experience and practices for their teams.
The fiat-to-crypto exchange will be efficient in providing trading offers between Swiss France (CHF) and Euros (EUR) as opposed to all the other major cryptocurrency pairs. Not only better this particular exchange, but the new trend will also give rise to new trading pairs that are more lenient towards the trade than approvals.
The CEO of LCX Monty Metzger points out the need for reliable fiat channel for the professional investors in the digital market. He also praises its support extended for Binance LCX program and believes that it will set new heights for blockchain industry.
The location to work on the project is decided to be Liechtenstein as it is economically strategic and it allows the team to work as a part of EEA – European Economic Area. This location will thereby allow the teams to work as a part of Europe and makes communication easier.
This new marketplace is to provide service to the professional investors such as family offices, hedge funds, and HNW. It makes sense to focus on the investor that helps compile digital asset trading which is one of the smartest technologies of this world, and Binance LCX is an early adopter.
Liechtenstein took further notice by its investors when it announced the Liechtenstein Blockchain Act legislation which is soon to be approved by a market that approves blockchain and provides such security and stability.
Moreover, the recent report says that Liechtenstein has already approved of Alternative Investment Funds to digitize its assets regarding the exchange launch. Other Liechtenstein banks also seem to agree with this as they have offered crypto-banking services as an important variable during the crypto trading and purchase process.
The founders of Liechtenstein are CEO Monty Metzger and Max Wang, two entrepreneurs who made a name in the industry by setting up their projects with the sustenance of various financial institutions.
LCX includes a long list of secure advisors to its name which makes it a trustworthy, reliable and competitive company that will soon bring a new marketplace into existence with this exchange. To name a few of its advisors, it includes the Founder of Wikipedia, Jimmy Wales; Yat Siu, CEO of Outblaze; Co-Founder of Evercoin, Miko Matsumura; and a leading blockchain authority and best-selling author, Don Tapscott.