LCX Monthly AMA Recap — LCX Telegram Community with Monty, CEO & Founder of LCX.com

Dear LCX community,

On August 10th, 2023, we had the most engaging and supportive AMA in our official Telegram chat, where our CEO, Monty C. M. Metzger (@montymetzger) answered questions from the community on various topics related to the platforms, our objectives, upcoming launches, and more. We really appreciate the warm conversation with the community and would like to share the summary of our live Ask Me Anything (AMA) session, moderated by community moderator “King” & “Alex”.

Community Host

Let’s welcome @montymetzger to this month’s AMA👋

Monty Metzger, CEO

Welcome LCX Community. My name is Monty Metzger, I am CEO & Founder of LCX.

I’m excited to be here today for this AMA session to answer any questions you might have about LCX, the future of tokenization, our crypto exchange, token sales, or anything else you’d like to discuss. 

Community Host

Great, this is yet another AMA and thrilled to have you here👋

Monty Metzger, CEO

Welcome $LCX community – thanks for joining and inviting all your friends!

Community Host

Are we ready? Let’s get started guys 👋🔥🔥

Community Host

I’m glad to welcome you onboard, and could you start by giving us an insight into the development of LCX in the last month?

Monty Metzger, CEO

4 weeks only – but so much progress!

Community Host

Awesome!

Monty Metzger, CEO

Let me give you an overview of a few highlights at LCX

Community Host

Interesting 🔥🔥🔥

Monty Metzger, CEO

In the past 4 weeks, LCX has accomplished several notable milestones and initiatives

Monty Metzger, CEO

LISTING AT LCX EXCHANGE: 

We have successfully listed $XRP on the LCX Exchange. This strategic listing encompasses trading pairs that significantly expand the avenues of our cryptocurrency exchange. Investors and enthusiasts can now partake in seamless trading experiences through the following pairs:

$XRP/ $USDC: https://exchange.lcx.com/trade/XRP_USDC

$XRP/ $EUR:https://exchange.lcx.com/trade/XRP_EUR

$XRP/ $LCX: https://exchange.lcx.com/trade/XRP_LCX

This new listing resulted in a push in community outreach, new signups, and growth at LCX.

Monty Metzger, CEO

The LCX Mobile application designed for iOS devices has recently undergone a substantial enhancement, ushering in a new era of improved functionality. This latest update showcases a multitude of features that collectively contribute to its enhanced performance and user experience. In this latest iteration, LCX Exchange has seamlessly integrated cutting-edge functionalities that promise to revolutionize the trading landscape. LCX Mobile now offers integrated Multi-level trading fees, Polygon integration, improved accessibility, an enhanced UI, and improved session management. More info at https://www.lcx.com/lcx-mobile-apple-ios-app-update/

Monty Metzger, CEO

And since then, we’ve done another two updates. The latest was just released today!

Community Host

Nice 👏

Monty Metzger, CEO

LCX Mobile is important and has huge potential. People can not only trade but also see their portfolio, participate in token sales, and invest in LCX Earn

Monty Metzger, CEO

And we did another listing, – important for our traders.

Monty Metzger, CEO

LISTING AT LCX EXCHANGE 

We announced the listing of Solana $SOL. This listing has increased the number of trading pairs available for LCX users and opened up new and exciting trading opportunities. Investors and enthusiasts alike can now engage in frictionless trading experiences:

$SOL/ $EUR: https://exchange.lcx.com/trade/SOL_EUR

$SOL/ $LCX: https://exchange.lcx.com/trade/SOL_LCX

Community Host

Great and the community hope for more🔥

Monty Metzger, CEO

With Solana we followed the request from our community as well. The whole growth was visible with LCX token holders. The total count of LCX holders skyrocketed to an impressive 20K in the month of July. This surge reflects the growing recognition of LCX’s unique offerings within the cryptosphere. 

Read: https://twitter.com/lcx/status/1686062079348817942

Monty Metzger, CEO

It shows how LCX is strengthening and expanding the utility of $LCX token.

Community Host

20K is very good 🔥

Community Host

Wow, this is great🔥🔥

Monty Metzger, CEO

$LCX token is becoming a universal utility token. $LCX is used to pay trading fees and get a 50% trading discount. $LCX is also used to sign, secure, and encrypt digital assets to enable the future of tokenization. $LCX token is needed for LCX Earn and for every token sale.

Community Host

🔥🔥🔥Thanks for the insight 🔥🔥

Community Host

We’ve got a lot of questions in the pipeline, and because of time, we’ll start with a 2in1 question here:

How has the LCX team’s engagement with its community changed in the past year, and what initiatives has the team taken to improve communication and collaboration with its users?

What are the potential benefits of utilizing MiCA, and is there a correlation with the decision-makers of MiCA?

Monty Metzger, CEO

And by the way, at Tiamonds was also great progress. Last month, we introduced a new 1 carat Tiamond NFT for our community – Tiamonds NFT #202

Read: https://twitter.com/Tiamonds/status/1684896516945727489

Monty Metzger, CEO

If you want to learn more about Tiamonds I recommend joining our new community: https://t.me/tiamondscommunity

Monty Metzger, CEO

Two questions. Let’s start with our community.

Monty Metzger, CEO

Our LCX community is the core of LCX’s success and long-term growth

Community Host

Indeed 🙏

Monty Metzger, CEO

We continued (without any breaks) with a monthly AMA in this chat. We listen to every criticism, suggestion, and piece of feedback. We have taken every problem seriously. And I am proud to say that we have solved almost all issues in the past months and changed the process – changes are now done daily, from the complaint to getting it solved. Our team has done a fantastic job taking our whole LCX platform to the next level. Quality. Excellence and passion for details.

Monty Metzger, CEO

In addition to our Telegram community, we did engage actively on Twitter and established a new community channel on Zealy. Community members were rewarded for their contributions and engagement.

Monty Metzger, CEO

We are proud to be located in Europe and excited that the European Parliament passed the new MiCA laws.

Monty Metzger, CEO

MiCA stands for Markets in Crypto-Assets Regulation

Community Host

Awesome🔥

Monty Metzger, CEO

It shows that Europe is leading in crypto regulations, while the US is falling behind and Asia is in limbo.

Community Host

🔥🔥🔥

Monty Metzger, CEO

MiCA will be in full force early next year. And while the new regulations will provide clarity, they will also become a massive entry barrier for every new player and force the closure of unregulated players.

Monty Metzger, CEO

LCX is a Virtual Asset Service Provider (VASP) and has been regulated for more than 3 years. We are already preparing for all additional MiCA requirements (which are pretty strict). As such, we will be the shining star and become the leading exchange in Europe.

Monty Metzger, CEO

BlackRock, Fidelity and now Paypal are all established financial institutions that are now entering the crypto industry. The steps they are taking imply that crypto is a massive business and they will not allow any unregulated players to “eat their lunch.”

Community Host

Very nice to see LCX is getting ready for MiCA ✅

Monty Metzger, CEO

There’s a lot of activity in this space by banks, central banks, and financial institutions. LCX is working to be the leading financial infrastructure platform to move digital assets.

Monty Metzger, CEO

We’re making LCX the way to sign, encrypt, and secure digital assets – enabling the future of tokenization. LCX is ultimately becoming a universal utility token. Our registration by the regulator as the first (and only) Physical Validator emphasizes this future potential. Can you imagine the LCX token enabling the tokenization of any financial asset or the tokenization of any real-world asset? We’re making that a reality.

Community Host

Very nice, Monty we see that LCX is doing the right things to get ready for MiCA 👏✅

Community Host

Lets go to the next and most important question for our community

Community Host

People asking about what is going on with the LCX volume … sometimes it’s high and sometimes it’s low… People talking about Washtrading and manipulated volume. Can you give us a statement on this one please? 

Monty Metzger, CEO

I am open to answering any question. As mentioned before, we are open to any criticism and feedback. But we also engage with our community and ask them for solutions. Everybody can complain, but building and solving problems – not many can do.

Monty Metzger, CEO

LCX is becoming an open platform. Our API’s are now used by many users and professionals. We engage with third-party market makers and token projects. I can tell you that at LCX you can find organic volume and trades. Wash trading and any market manipulation are not tolerated and would lead to the suspension on our platform. This is against our code of conduct and our trading policies.

Monty Metzger, CEO

To improve our cryptocurrency exchange, we established additional trade monitoring and trade analysis tools.

Monty Metzger, CEO

There is no perfect software kit that we could use, our trade analysis and crypto compliance suite is custom-made and improved constantly.

Community Host

Thank you for the answer on this question 👏

Community Host

Thanks for the feedback🔥

Community Host

To show we care and listen as you mentioned above, I’m also going to forward another message from one of our core community members, “A big question for the AMA that I want to be answered about @king_lcx @montymetzger. Apart from being rewarded with MasterDex, what is the benefit of holding the LCX token anymore? How does LCX actually plan to reward their holders WITH price action not being airdropped worthless tokens (akin TIA). It’s not even the ‘bear’ market as we were sitting pretty at 15c+ until an unfortunate tweet dumped the price 40%.” 

Community Host

@montymetzger this will take us to another question😇

Monty Metzger, CEO

great

Monty Metzger, CEO

Thanks Dipzter, for this important question.

Monty Metzger, CEO

I partly answered it above already. Let me explain in more detail. LCX token is a key part of the LCX ecosystem and important for the future. Yes, for the new product launch of MasterDEX we will reward all LCX holders in October this year with a massive airdrop. All LCX token holders, including all non-custodial wallets but also all holders at the LCX Exchange and LCX Accounts, will be rewarded in several phases. For this, I recommend joining our new community around MasterDEX at https://t.me/masterdex_xyz

Monty Metzger, CEO

Btw – MasterDEX. Today we relaunched the website and disclosed some more details. Visit https://masterdex.xyz/

Monty Metzger, CEO

But today’s AMA is about LCX, and I want to continue answering Dipzter’s question.

Community Host

Huge development 🔥🔥

Monty Metzger, CEO

We’re making the $LCX token the way to sign, encrypt and secure digital assets – enabling the future of TOKENIZATION. 

$LCX is used to pay trading fees and get a 50% trading discount. But $LCX is also used to sign, secure, and encrypt digital assets on the blockchain. You might have already noticed that the $LCX token is needed for LCX Earn and for every token sale. At every token sale, 1% of all funds raised are paid in $LCX token – this is used to enable the on-chain transaction, secure the new digital asset, and empower the on-chain distribution of the new token. 

But $LCX token is becoming the key to the future of tokenized assets. Our registration by the regulator as the first (and only) Physical Validator emphasizes this future potential. Can you imagine the LCX token enabling the tokenization of any financial asset or the tokenization of any real-world asset? We’re making that a reality. $LCX token is ultimately becoming a universal utility token.

Community Host

Awesome Monty !!! I will make a 2 in 1 as the time is running! One is for our UK community 💪

Monty Metzger, CEO

ok

Community Host

Great feedback 🔥

Community Host

1) For UK customers, the iOS app is no longer available to download from the App Store. What is the reason for this? When will this be resolved? For UK customers who’ve already got iOS, will they still get updates?

2) When will there be implemented a feature to download our transaction history and integrate with koinly or other crypto tax apps/software?

Monty Metzger, CEO

1) It is a known fact that the Apple App Store is a monopoly, controlling access to apps and restricting many crypto payment or crypto exchange apps. If you talk to any crypto-related app, they all have issues with Apple. Many apps have been delisted from the Apple App Store completely. 

To give you some examples, a Swiss-based crypto exchange had been delisted from the Apple App Store completely, and then, after many legal letters, they allowed it to come back and allow availability to Switzerland only.

Community Host

That’s good to know for everyone 🙏

Monty Metzger, CEO

I mentioned it a few times on Twitter already. We also had many discussions with the Apple App Store review team. We had to provide an overview of our licenses, registrations, and our whole compliance process. They paused any updates to our iOS app for months! Finally this month, our iOS was accepted again and released for more than 30 countries – but not globally. The UK left the European Union and will also NOT profit from MiCA regulations.

Community Host

Awesome, thanks for the update.

Monty Metzger, CEO

That might be a reason why Apple decided to delist our app in the United Kingdom. We do not agree with their arguments. But we do acknowledge and support their approach to double-check all apps. They want to protect their users, and they make tremendous efforts to do this. 

I mentioned it here https://twitter.com/montymetzger/status/1682013767427563521

Monty Metzger, CEO

Coming from the regulator and from traditional finance, we love what is happening in regulation. It’s something the market needs to help clean up dishonesty and bad actors. Now we’re seeing institutions step in and innovate at scale. We’ve all been hearing what the likes of Blackrock, JP Morgan, Paypal, etc. are making public. That’s just the start, there is so much more activity and progress that we all don’t know about, which will be revealed this year.

Community Host

Thank you for the clear answer in this case ✅

Monty Metzger, CEO

We listened and have been working on this for a long time. We have not been happy with the result so far after testing and improving the new product feature. The complexity comes with LCX Accounts (main wallet) and LCX Exchange (trading wallet). In any case, this is a feature in high demand, and it will be launched.

Community Host

Very nice! Thanks Monty 👏

Monty Metzger, CEO

So many questions – so little time. Let’s give it a few more minutes to answer the most important questions

Community Host

Yeah, we’ve got a lot of questions, and I’m happy you’re taking your time to address them one by one. On this note, would like to throw another 4in1 question before we wrap it up and open the chat for a live session

Community Host

Is there any chance that the writing is on the wall for the LCX exchange and the team is leaving this project and its regulations for KYC-free MasterDex in the British Virgin Islands? It doesn’t feel as though there is a direction or roadmap for LCX right now. This is why I ask.

What’s the point of marketing your company as the “only” fully regulated exchange and using it very heavily as a selling point to retail when you’re just creating a new exchange in the BVI that is not regulated and in a prohibited country for the CEX?

Can you confirm which country MasterDex will operate in?

Will MasterDEX be on the base chain? Really big potential if you could let that happen

Community Host

@montymetzger 4 beautiful questions put together 🦾

Monty Metzger, CEO

I also noticed that many users did not understand our strategic decision to spin out products – which has huge potential as well. MasterDEX and Tiamonds, are becoming their own big projects, step by step. 

But the answer is simple. This is the only way that LCX can grow and become successful. A DeFi product under the umbrella of a centralized, regulated entity is impossible to maintain and would have disadvantages for the future of MiCA and other global regulatory frameworks.

Of course, we want to include the LCX community as much as we can, which is why there are these special rewards. That’s why Tiamonds were solely sold via LCX token payments at the start. That’s why all LCX holders will get the rewards and airdrop of MasterDEX.

Community Host

Thanks for sharing light on this. Very important and huge for the community 🙏

Monty Metzger, CEO

But even more importantly, we had that discussion with very large financial services companies and banks last month. It is time to realize and acknowledge that traditional financial service companies are very active in this space. These established financial experts bring regulation, governance, and mass market capabilities to lots of institutional and retail clients. The news in the last couple of weeks with Paypal, Blackrock, etc is a pivotal moment where digital assets are accepted and embraced. LCX 

This is our approach, we’re bringing everyone together and empowering a new financial infrastructure for the first time. My book “Blockchain Banking – The Future of Money and Finance” did help start the dialogue and overcome barriers. LCX has always engaged with traditional players, and we are leveraging their power and reach for the future of LCX.  Imagine the possibilities of thousands of financial services being tokenized and institutions using compliant and regulated platforms like LCX. Imagine the demand for a safe and regulated platform when Apple shuts down all unregulated apps. The use cases are huge, and they’re only going to get bigger!

Community Host

Thanks for the update🔥

Community Host

Guys, are you ready with your live questions?

Community Host

Let’s get ready 🔥🔥🔥

Community 

So, will the LCX iOS app only be available for customers in the EU?

Monty Metzger, CEO

Currently, LCX Mobile on Android is available globally. And LCX Mobile on the iOS App Store is available in the whole European Union, plus Turkey, Switzerland, and India. We are working to get more countries activated.

Community

And wouldn’t it have been prudent for LCX to share this information on Twitter? There’s not been a single piece of information about this for UK iOS customers from LCX.

Monty Metzger, CEO

It’s Apple’s decision, not ours.

Community

Liquidity and marketing are important for LCX. What are the plans for these areas?

Monty Metzger, CEO

That’s right. We doubled our marketing and business development team. I cannot disclose yet, but the next few months will be exciting. We have signed several massive new token projects with millions of users in reach. In addition, you will be able to meet our team at conferences in Crypto Valley Zug Switzerland, Liechtenstein, Dubai, and Singapore. LCX will be featured with a masterclass at the Cardano Global Summit as well. Huge.

Community

How will the new masterdex investment generate demand for the $LCX token overtime?

Monty Metzger, CEO

MasterDEX is a separate initiative, and I recommend following our announcements. At the first blog at https://masterdex.xyz/introducing-masterdex we mentioned the following: 

“Our goal is to make MasterDEX a marketplace for the entire DeFi community. Our first phase is airdropping Loyalty Packages to everyone who’s holding a $LCX token. We will take a snapshot of the LCX token holders on 10/10/2023. The snapshot will include holding LCX tokens on-chain in non-custodial wallets as well as holding them on the LCX Exchange platform.

In November, we will launch another Loyalty Package airdrop for all active traders and projects on MasterDEX. This second airdrop will be much bigger than the first.

In the meantime, to get the first airdrop, all you need to do is get an LCX token.”

Community

Why @LCX is non-responsive to comments on twitter, no interaction (e.g. Binance, CZ, Kraken, OKX are very interactive with the community, even Galileo protocol)? Any plans to use Twitter space? Plans to review the marketing strategy? Plans to update the desktop version of Exchange

Monty Metzger, CEO

I’m not sure if this user has ever visited our social channels. We are very interactive and responsive. I have not seen many CEO’s do so many AMA’s and I have not seen many companies reply to questions so fast. Please join our new Tiamonds community. Here we focus on LCX.

Community Host

Here you go, guys: https://t.me/tiamondscommunity

Community

What are the plans to massively improve the current products (liquidity, volume, UX/UI and demand for products) before the Masterdex is released.

Monty Metzger, CEO

Stay tuned, we will publish many insights this autumn. LCX Vision 2.0 and a roadmap for the future of our company – becoming the leading next-generation exchange.

Community

How does LCX see itself competing against others in tokenization? Why would people choose LCX over other, bigger companies that are doing it?

Monty Metzger, CEO

We are the only company registered as a Physcial Validator. Therefore, all projects launched on LCX have a legal basis and can be trusted. All others are simply “promising” and can change their mind anytime – be careful.

Community

Is it possible to do live AMAs on YouTube?

Monty Metzger, CEO

Will get back to live youtube shows again. stay tuned!

Community

Does a company forfeit its regulatory advantage over time as more companies enter the regulatory space?

Monty Metzger, CEO

Regulation means costs are exploding. Being compliant is costly and will create a massive barrier to entry. The market will be taken over by new players who have invested a lot in this direction or by traditional financial institutions. Running a crypto exchange is more complex and costly than running a fintech neobank.

Thanks @Alexi_LCX and @king_LCX for hosting this AMA. And thanks to all community members for joining. Your feedback, your passion, and your persistence are driving us! Thanks for this!

Community Host

Thanks for your time and hope to see you with more updates next month 🤝.Thanks for your support guys🤝

Monty Metzger, CEO

The next four weeks will be busy 😅 but fun as well! I’ll talk to you in the next AMA!