Dear LCX community,
On February 13th, 2024, we had our first Twitter Space AMA of the year, where we moved away a bit from our traditional Telegram AMA to engage with the community. Our CEO, Monty Metzger, Anurag, Director of Technology at LCX, Samaksh, Head of Business Development at LCX, and Riko Crypto, influencer and host of Insights Live at LCX, were all present in this Twitter space. In this AMA session, our esteemed speakers 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.
Monty Metzger, CEO
Welcome to our AMA here on Twitter. We are now getting started with Twitter space AMAs. Today we have Riko as a speaker and moderator. This time it’s slightly different than our usual AMA, as we have additional guest speakers with us today. We have Anurag, LCX’s Director of Technology, and Samaksh, LCX’s Head of Business Development, with us. Our host and moderator is Riko Crypto, a famous Crypto influencer who also hosts our weekly show, Insight’s Live.
Monty Metzger, CEO
So, we have started January on a good note with the bull market. So, we are certainly in a very good market condition, and we also had good feedback from our community members.
On the event side, we were at the Word Economic Forum 2024 at Davos, where we also had our booth and a selfie station. There we also unveiled my new book, “The Trillion Dollar Asset Revolution: Tokenization”, which will be released in March 2024. LCX’s booth was at a premium and strategic location, right at the entrance and part of the security zone, and the selfie station was an immediate hit amongst the attendees. We also hosted some “invite only” events, one larger gathering with the government of Liechtenstein discussing blockchain with Clara Tsao, Founding Officer/Director of the Filecoin Foundation. We also did a special “Founder’s Dinner” with only 20 people.
I was also invited as a speaker to multiple panels, and thus it was a very busy and eventful week. All these events were just the beginning of January, and since then, a lot of things have happened on our platform, and we will dive into that in this Twitter Space AMA.
Riko Crypto, Moderator
Yes, as Monty mentioned, the year started really strong for crypto community and for LCX. Also, as I see Anurag, LCX’s Director of Technology is here, so Anurag, can you please tell me from the tech’s perspective, how January has been for LCX?
Anurag Verma, Speaker
In January, we launched the LCX Trading Competition. This feature encourages crypto trading on our platform and boosts liquidity, as the intent is to engage our community members as well as invite new crypto traders to our regulated and compliant platform. Through the trading competition, not only have we boosted liquidity and onboarded new users, but we have also received some feedback and constructive criticism from our users, which will help us improve the feature.
We have launched $PYR and $LAVA trading competitions, and we have already successfully distributed the rewards to the winners of the $LAVA trading competition. $PYR trading competition is still in process, and more will be launched in the future.
For Tiamonds, we introduced the referral program to boost engagement within the community. The referral link is available on your LCX account itself, so you can start referring your friends and family today itself.
Many more exciting updates from tech’s end are in the pipeline, so stay tuned for that!
Riko Crypto, Moderator
Yes, so even I talked about these exciting updates like the Trading Competition in our Insight’s Live weekly show. Can’t wait to see more from the tech’s end. Can I ask the same question to Samaksh about the updates from the business development side?
Samaksh, Speaker
Hello everyone, thank you for having me here! I am happy to share the updates with the community from the business development’s end. With the LCX Token Sale Launchpad, our goal is to conduct legal and compliant token sales and that’s what our goal has been in the past month.
We have launched $TYT token sale of a project named “Bounty Temple”, which is a play-to-earn game revolutionizing the blockchain gaming space. The sale is now live, and thus the community can now invest in a great project with an amazing product.
The next project that we have lined up for token sale is Wisdomise, which is a financial intelligence super-app. They are fully swiss regulated and have a great team with team members who have previously worked at Blackrock and McKinsey.
Monty Metzger, CEO
Thanks, Sam, for the update. So, this AMA might be new for the community but it is important to maintain transparency We can also see that the community has shared some questions, so we will be taking up a few of the questions now.
Riko Crypto, Moderator
The first question is about Wisdomise. Can you tell us more about the project?
Samaksh, Speaker
Yes, sure. So, there’s a new trend of AI in the blockchain space, and Wisdomise is capitalizing on that. Wisdomise is bringing blockchain and AI together. They have a fantastic team, and they offer both B2B and B2C products. They already have more than 15k active users in their beta, and their goal is to completely revolutionize the blockchain space.
There are more such interesting projects in the pipeline and thus everyone should keep their eyes on the LCX Token Sale Launchpad for now!
Riko Crypto, Moderator
The next question from the community is, are you working on LCX Debit Card such as KuCoin and Binance?
Monty Metzger, CEO
We looked into that business, and some conversations are going on in this aspect with Mastercard. But the utility of this feature is a bit low. For us, the priority at the moment is liquidity and payment rails, and thus we have pushed the idea of our own credit card down the road for a while. A high priority at the moment is integrating the credit/debit payment feature, and I can assure you that huge announcements will be made soon in this aspect.
Riko Crypto, Moderator
Great great! Has there been any new update about the MiCA regulation, and can you give us some insights on updating licenses for it?
Monty Metzger, CEO
Yes, MiCA is a brand-new law that the European government has approved for the European crypto market. It will encompass cryptocurrency, crypto assets, blockchain, E-money including stablecoins, and so on. It’s a huge step forward in bringing clarity to the trade of crypto assets for all European countries. Here, we are talking about 450 million people or more. The law has been passed and will come into full force on 1st, 2025.
Liechtenstein has been a pioneer in blockchain laws and has been working on this legal framework since 2016. LCX gained 9 registrations according to the Blockchain Act. LCX has been regulated for about 3 years, and recently there have been some changes in the legal framework, but all these changes are per being MiCA regulated.
We technically now have just 8 licenses. Previously, there were two custody licenses, one for holding the keys and one for holding the tokens, which have now been summed up into one license, as these two roles are now being combined into one. Our full focus is now on filing for MiCA licenses. However, since LCX is already a regulated entity, we will get our license almost immediately.
Riko Crypto, Moderator
Talking about the future, are there any updates on the roadmap?
Monty Metzger, CEO
I have already shared a little insight about what’s in the pipeline for us. This year is the year of the dragon, and I have also shared a brief insight into my upcoming book, which has dragon origami on the cover. The dragon symbolizes unlocking new wealth and opportunities. We also have an internal roadmap according to which we function daily. We just have to finalize the roadmap that we will share with the community shortly.
Riko Crypto, Moderator
So, next question is, will there be an LCX blockchain, and if yes, when will it be launched?
Monty Metzger, CEO
So, Anurag and I have been discussing a lot of this idea, and I guess the community will have to wait for the roadmap to uncover more about it. I can already tease you that within the roadmap, our primary agenda is to double down on the licenses on the MiCA level. Second, in terms of tokenization, we have already done tokenized bonds and diamond tokenization, but tokenization is a key on our roadmap. We will also be focusing on growth and liquidity this year.
Riko Crypto, Moderator
What is your plan to bring more liquidity and users to the platform?
Anurag Verma, Speaker
To solve the scaling and liquidity problem, we have laid a strong foundation for it in 2023 in terms of updating UI/UX. From the backend, we have improvised the platform in a way that it will easily scale with the addition of more users. We are now progressing towards being a platform that can easily compete with the market leaders. The basics are working smoothly, and we are fixing the small issues on a regular basis. The same process will be followed in 2024, and we will take into account the feedback from users. With new token sales and multiple trading competitions in the pipeline, we are sure that soon there will be much more active users onboarding on the platform. There are many more new features that will be launched soon.
Samaksh, Speaker
In terms of liquidity and user acquisition for LCX Exchange, we are reaching out to market makers and onboarding new market markers to enhance liquidity on the platform and order book management. We have also launched a new market making program for new market makers who wish to join the LCX platform. We are also working towards onboarding new projects to conduct their legal and compliant token sales and enhance our partnerships. Next on the agenda would be to target new token listings as well, so that we can broaden our trading horizons.
Riko Crypto, Moderator
Glad to hear that so many things are happening on the background.
Riko Crypto, Moderator
When will tokenized bonds be available for investment to people outside of the EU, like Australia and others?
Monty Metzger, CEO
So, it has more to do with legal restrictions. LCX Earn tokenized bonds offer a high return of 7% on EUR, BTC, ETH, and LCX staking. But the bonds are based on the prospectus of a real bond, which has a total runtime of 7 years. They have been endorsed legally by the FMA of Liechtenstein. We have the approval to passport it to 30 EEA countries.
There is no harmonization of laws of the EU and other nations, and we are diligently working towards bringing these bonds to other countries like Australia and Singapore.
Riko Crypto, Moderator
Are you planning to list the $LCX token on other exchanges for more visibility and volume?
Monty Metzger, CEO
Currently, our relationship with market makers is strong, and we are currently onboarding new market makers every week. $LCX is already listed as a utility token on Coinbase, Kraken, Uniswap, and the LCX exchange, and we would like to get on others like OKX. We would like to form partnerships with other exchanges that follow our vision and philosophy of regulation and compliance. Let’s see what happens this year, we will actively pursue this avenue.
Riko Crypto, Moderator
LCX made a huge splash in Davos. But can we have a few events where the community can perhaps meet the LCX team?
Monty Metzger, CEO
Sam, so what’s planned regarding this?
Samaksh, Speaker
We are definitely looking forward to meeting the community more often and having conversations with them, and for this very purpose, we also have an events roadmap planned for this year. We will be attending the upcoming events in Dubai, Singapore, and Switzerland. We will be delighted to meet our community members in the upcoming events, so do come and greet us at our booth. We will also be actively sharing all updates on social media, so follow us there to know more.
Monty Metzger, CEO
Yes, so we have this big community meet-up coming up in Dubai, where there are 3 major conferences in a week, including Token 2049. So, mark your calendars already.
Riko Crypto, Moderator
Sounds great! I guess this year LCX is all about community and crypto integrity. The next question is about LCX Mobile. Any updates on the product?
Anurag Verma, Speaker
The growth in app development and features has been monumental. We now do weekly updates and daily bug fixes. According to the data, more than 50% of our users are accessing the exchange with our app. We are also working on new developments and updates, like notification functionality. We will definitely keep updating our mobile app.
Riko Crypto, Moderator
What about LCX Banking License plans?
Monty Metzger, CEO
Yeah, so the LCX Banking License plan has been on our roadmap since the beginning. It’s mentioned in our Whitepaper as well. I published a book called, “Blockchain Banking” last year, and it covers how banking has evolved in the past few years. There are now banking services that are not provided by traditional banks but by decentralized protocols or blockchain systems. As Bill Gates and I like to say, “Banking is needed, banks are not.” That’s what we are following now, as we are now expanding into banking-like services without being a bank or the need to be a bank. Getting a banking license is possible in Liechtenstein, and we are definitely looking into it.
Riko Crypto, Moderator
Where do you see LCX in the year 2024 and do you see LCX in top 20?
Monty Metzger, CEO
We are focusing so hard on improving ourselves and investing so hard in the platform to make it regulated and compliant. We are making the platform ready to scale, and our core focus is to help the exchange become the top exchange in Europe, if not the world. While other exchanges are being sued and closed down, we are rapidly expanding and onboarding new users.
In the last couple of months, we have seen an increase in sign-ups and there has been some visible growth in $LCX token. So, really exciting times!
Riko Crypto, Moderator
Yes, I have seen some visible growth on the social media handles and our YouTube channel. So, any closing words for the community?
Monty Metzger, CEO
Okay, so tomorrow is February 14, Valentine’s Day and we have an exciting Valentine collection on Tiamonds.com. They look fantastic and are valuable and stored in a vault in Liechtenstein. Tiamonds is the largest tokenized diamond marketplace in the world and it showcases how tokenization is supposed to be done in the right way. They are insured by Lloyd’s London and can be redeemed anytime. There might be some import taxes depending on the country.
Anurag Verma, Speaker
Great session hosted by Riko and the community. please stay tuned to our social media for interesting new updates that are coming up.
Samaksh, Speaker
So, closing remarks from my end would be to stay tuned for more information on upcoming token sales, events, and trading competitions.
Riko Crypto, Moderator
LCX is all about community and so I invite the community members to leave suggestions on how we can improve our AMA. Thank you, everyone, for joining! Let’s meet soon in the next AMA!
Disclaimer: This content contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates, and intentions we express in these forward-looking statements and in other public filings and press releases. We may not achieve all of the expected benefits of our strategic initiatives and partnerships. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other market challenges, could limit our ability to achieve some or all of the expected benefits of these initiatives. This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product. Trading cryptocurrency is complex and comes with a high risk of losing money, particularly if you trade on leverage. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to lose.
