When Bitcoin prices are setting new records, the Liechtenstein Cryptoassets Exchange, popularly known as LCX.com, has launched its digital currency exchange services. The platform is regulated and in compliance with local Liechtenstein regulations.
Announced on Tuesday, the new exchange will initially facilitate trading with Bitcoin, Ethereum, USD Coin and LCX token. However, it has plans to add more digital currencies into its offering.
Commenting on the new platform, LCX.com Co-founder and CEO, Monty Metzger said: “LCX Exchange is a new generation of cryptocurrency exchange. 2021 will be the year of blockchain innovation, and we see crypto compliance as key to success.”
The exchange started its operations only a week after it received eight licenses from the Liechtenstein regulator under the country’s new blockchain laws. The licenses ensure LCX’s compliance as a crypto exchange, a digital currency custodian and a price oracle.
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Founded in 2018, the exchange focused on strengthening its processes before approaching for the licenses. Finance Magnates last year reported on LCX’s partnership with blockchain analytics firm, Elliptic to automate compliance against illicit transactions.
The Craziness in Crypto
LCX is launching its exchange when the demand in cryptocurrency markets are soaring, mostly with the rally of Bitcoin. The digital currency broke all records and is trading strongly above $30,000 even after corrections in double digits.
Though the altcoins market remained dull overall, Ethereum soared significantly, even dwarfing Bitcoin in yearly gains. LCX is listing both of these tokens in the initial batch.
Meanwhile, major exchanges are seeing record-breaking demand for cryptocurrencies, and the volumes are breaking records too.