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

Dear LCX community,

On December 20th, 2022, 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

Welcome once again to this month’s AMA @montymetzger

Monty Metzger, CEO

Thank you @king_LCX ! Excited to join our special AMA. There are so many things to talk about. We can’t stop smiling.

Monty Metzger, CEO

yes – let’s get started

Community Host

Awesome, community can’t wait to hear from you?

Community Host

Let’s get started guys!

Community Host

Welcome onboard once again. 

We have been longing to hear from you for today’s AMA and all of a sudden, we got the news that LCX has become the first physical validator LCX in Liechtenstein. Is it a planned one to keep the community happy ahead of the AMA or just a coincidence because the community can’t wait any longer to hear from you?

Monty Metzger, CEO

I also look forward to getting feedback from our fantastic LCX community. Now it’s the time that you can also invite all your friends to join today’s AMA

Monty Metzger, CEO

Yes – today’s announcement is massive

Monty Metzger, CEO

LCX received regulatory approval as Physical Validator.

Community Host

Splendid news!

Monty Metzger, CEO

LCX has received regulatory approval as a Physical Validator according to the Liechtenstein Blockchain Act (TVTG). This makes us the first and only company in Liechtenstein, as well as the first company worldwide, to attain this registration.

Monty Metzger, CEO

Our application for this regulator registration was filed more than 2 years ago. Since the application in 2020 we have provided a variety of documents to clarify details of our role as Physical Validator.

Monty Metzger, CEO

Tokenization can turn almost any asset, either real or virtual, into a digital token and enables the digital transfer, ownership and storage without the necessary need of a central third party or intermediary. 

But what if the underlying asset is not secured the right way?

Monty Metzger, CEO

Imagine, someone is tokenizing an object and creates a NFT for this object.

Community Host

Wow, good development usually takes time. Congratulations on this great development ?

Monty Metzger, CEO

The NFT gets sold, but then the object is destroyed, stolen or the owner does not even own the object. Or the owner put debt on the object. Then the digital representation as NFT would be questionable

Monty Metzger, CEO

As such, the role as Physical Validator is so so important

Monty Metzger, CEO

Liechtenstein is the only country who has developed this role and added it to their blockchain laws.

Community Host

Interesting!

Monty Metzger, CEO

Tokenizing ownership rights to a diamond is an example of bringing a physical, real-world asset online. In this case, as a Physical Validator, we are responsible for ensuring that the diamond exists and ensuring that it is securely stored. As a regulated and liable party, we play a critical role in maintaining the integrity and security of the tokenization process.

Community Host

Wow, this is great!

Monty Metzger, CEO

Our role as a Physical Validator includes analog and digital safekeeping processes.

Monty Metzger, CEO

More details on how we do this is explained here 

https://www.lcx.com/lcx-gains-regulatory-approval-as-a-physical-validator-to-enable-tokenization-of-assets/

Monty Metzger, CEO

The PR was also shared on Bloomberg News today https://www.bloomberg.com/press-releases/2022-12-20/lcx-becomes-first-physical-validator-in-liechtenstein-and-globally#xj4y7vzkg

Community Host

Awesome, this will lead to more adoption and good reason to hold LCX??

Community Host

We have got some questions from the community regarding (TVTG) before the AMA proper. Could you please attend to one or two before we jump over to other questions?

Community Host

Is this news? I’m trying to understand how this changes things. Was LCX not supposed to be tokenizing diamonds and now they legally can? Or is this bigger in scope and LCX was waiting for licensure to tokenize more? I thought @LCX was already capable of tokenizing. $LCX

Community Host

This is coming from @ginnythegreat.

Monty Metzger, CEO

Yes, this is an important question and it shows that many don’t understand. 

All of the projects worldwide claiming that they have “tokenized” something have done it without legal clarity and legal security for the token buyers. It is the first time – worldwide – that a company has gained this regulatory registration as Physical Validator. 

The Physical Validator ensures the contractual enforcement of the legal rights represented by the tokens issued on blockchain. This includes the safekeeping of the objects in the interests and for the benefits of the Token Holders,  assessing, validating or confirming the value  of the objects, identification of the owner and/or confirmation of the legitimacy and the provenance of the ownership with respect to the physical object.

In short, LCX is liable and responsible to make sure the token actually is asset backed – not just “promised” to hold the value but that underlying asset is stored the right way. We call this physical safekeeping.

Monty Metzger, CEO

According to Liechtenstein Blockchain Laws, LCX is a trusted technology service provider. And now LCX can offer the services of a Physical Validator to other companies as well. This also means we are able to relaunch Tiamonds and start expanding at full speed.

Community Host

Thanks for this great clarification?

Community Host

Wow, such a huge development ??

Monty Metzger, CEO

Another way to explain the “Physical Validator” role is to compare it with a notary. A notary is legally liable, the notary has to check that the seller actually owns the asset and that the buyer has the funds to pay for it. Also the notary makes sure all is done the correct way. 

In a similar manner LCX as the Physical Validator has to do this. In the case of Tiamonds we do have to keep the real-world Diamonds in custody and in a secure place. Btw, all Diamonds are also insured by Lloyds of London.

Community Host

Fantastic, this is more than clear and I also have another question from @Iron_sight_Crypto

Community Host

Are there 11 Liechtenstein Blockchain laws (TVTG)?

Monty Metzger, CEO

Another legal question important to clarify. In October 2019 the Liechtenstein Parliament passed the Token and Trusted Technology Service Provider Act (TVTG) and the law entered into force on January 1st 2020.

There are not 11 laws, but 11 roles within the Blockchain Act aka TVTG

Liechtenstein is the first country to introduce a comprehensive regulation for the blockchain industry, for cryptocurrencies, utility tokens, payment tokens, stable coins, and digital securities like security tokens.

Here are more details about the 11 roles

https://www.lcx.com/blockchain-laws-liechtenstein/

Monty Metzger, CEO

Now, LCX is holding 9 registrations in accordance with the TVTG Blockchain Act. This is more than any other company in the country. And it is all the registrations we aimed to get. The remaining two are not relevant for our services and are created for trustees.

Community Host

Great???

Community Host

Thanks for the input ??

Community Host

To the next question submitted by the community members.

Community Host

I really like #LCX’s regulated narrative is great. I am however obsessed about finding out what Monty will do to make it relevant?Is there plans on focusing on pushing more utility in the token?Better yet make the token necessary for the platform to function?I want this badly

Monty Metzger, CEO

Thank you for your positive feedback about LCX and for your question about the utility of the LCX token. At LCX, we believe in the potential of blockchain technology to bring transparency and trust to the cryptocurrency market.

Monty Metzger, CEO

We are constantly working on ways to increase the utility and relevance of the LCX token within our platform and ecosystem. One way we are doing this is by focusing on the development of new features and services that will be powered by or require the use of the LCX token.

We are also exploring ways to integrate the LCX token into various aspects of the platform in order to create a more seamless and integrated user experience.

Monty Metzger, CEO

Currently you can use LCX as an exchange based token, similar to BNB, OKB or CRO, to pay fees within the platform. Such as fees for trading or fees to get access and participate in any token sale. In the past token sales there was a transaction fee of 1% of each investment – only payable in LCX token.

Community Host

Awesome, I believe 2023 and beyond gonna be great for $LCX??

Monty Metzger, CEO

While we cannot provide specific details about our plans at this time, we are committed to finding innovative ways to increase the utility and value of the LCX token for our users and the broader ecosystem

Community Host

Awesome!

Monty Metzger, CEO

The year of the tiger was so important for LCX. Characteristics of the Tiger are: Strength and power – Agility and adaptability – Focus and determination. LCX has shown determination more than ever. Today we received this important registration as Physical Validator – after 2 years of determination and focus. While the market is in recession mode and many crypto companies close down or fail – LCX shows agility and adaptability. In such market conditions we have to stay agile and adapt quickly, even if this means that we have to change our roadmap or change our strategy on the way. But our long-term vision and goals stays the same. The year of Tiger was important for LCX – Ultimately we are showing our strength and power!

Community Host

Great and this will take us to the next question:)

Community Host

Was LCX Token getting supported at Coinbase the result of some agreement with LCX and Coinbase, or did they decide to support it on their own?

Monty Metzger, CEO

The LCX token is supported by Coinbase Custody and Coinbase Exchange with three trading pairs. However, there was no formal agreement or communication between LCX and Coinbase regarding this support prior to the token’s listing on the exchange. It appears that Coinbase made the decision to support the LCX token independently, possibly due to community efforts. 

On the day of the listing, Coinbase and LCX signed a Trading Agreement which outlines Coinbase’s standards for trading digital assets issued by LCX on the Coinbase Markets, as well as certain elements of Coinbase’s compliance program designed to prevent and detect violations of law and maintain fair and equitable markets on the Coinbase platform. The Trading Agreement applies to the Coinbase trading platform and related trading and wallet services provided through the site and related APIs.

In general Coinbase and Kraken are companies I personally often mention as reliable market participants. They are aligning with our core principles and helping to build a more trustworthy crypto industry.

Community Host

Awesome! ??

Community Host

Time isn’t on our side anymore. I’ll jump over to the next question.

Community Host

Will the LCX referral system be revamped to bolster incentives for both the referee and referrer? It seems that the current incentive system could be expanded to bring in new users.

Monty Metzger, CEO

LCX will be introducing a referral system for its platform. 

The team has been developing a referral policy to benefit current and new users. This referral system will be available on the LCX Exchange and will allow users to earn rewards and invite others to join LCX. The implementation of a referral system is a priority for the LCX Exchange and is included in the company’s roadmap. 

We plan to launch this within the next few days before the end of the year. Stay tuned!

Community Host

Awesome, a lot of community members have been asking for this ???

Community Host

Do you expect more exchange listings for LCX tokens before the year is over?

Monty Metzger, CEO

LCX is a company that values growth and other platforms may list LCX tokens in the future. However, we do not comment on future listings. Currently, the LCX token can be purchased on several exchanges, including LCX Exchange, Coinbase, Kraken, and CoinDCX. 

LCX Exchange: https://exchange.lcx.com/trade/LCX_USDC

Coinbase: https://www.coinbase.com/price/lcx 

Kraken: https://www.kraken.com/prices/lcx-price-chart/usd-us-dollar?interval=1m 

CoinDCX: https://coindcx.com/trade/LCXINR 

To learn more about the LCX token, please visit https://www.lcx.com/what-is-lcx-token/.

Community Host

Great!

Monty Metzger, CEO

Btw – The team at CoinDCX told us that they do see a strong interest in LCX token in India and that the buying activity often extends the sell orders – huge demand. Furthermore they told us that LCX token trading pairs at CoinDCX are among – if not the –  the most favorite trading pairs besides BTC.

Community Host

With the referral program coming on board, the community is also asking ?

Community Host

Will there be a staking feature on the LCX website/wallet? I want to stake my LCX balance. Thank you!

Monty Metzger, CEO

Thank you for your question about staking on LCX. We do have plans to offer a staking feature on the LCX website/wallet in the future, but we cannot comment on the specific launch timeline at this time. Staking allows users to earn rewards for holding and participating in the validation of transactions on a blockchain. This can be beneficial for users as it allows them to earn passive income on their tokens, as well as support the security and stability of the blockchain ecosystem. It is important to note that staking may involve risks, such as the possibility of losing staked tokens if the network experiences a fork or other issues. We recommend that users carefully consider these risks before staking their tokens.

Monty Metzger, CEO

We are committed to offering staking in a regulated manner and plan to offer a service similar to yield accounts through the approved prospectus offering of tokenized bonds. This will allow users to earn a return on their tokens while adhering to regulatory requirements.

Monty Metzger, CEO

Celsius, BlockFi and others offered yield accounts without proper regulatory setup and failed on many levels. LCX has been working since a long time to learn from these first generation platforms and deliver a secure and compliant offering.

Community Host

Wow, this is going to be huge?

Community Host

Oh no?

Monty Metzger, CEO

In February 2022 we filed for this tokenized bond to offer fixed yield on EUR to our users. https://www.lcx.com/lcx-files-for-10-million-euro-blockchain-bond/#:~:text=A%20blockchain%20bond%20is%20a,LCX’s%20platform%20after%20regulatory%20approvals.

Monty Metzger, CEO

Remember what I told you about determination during the year of the tiger?

Community Host

This is the future of the blockchain industry ??

Monty Metzger, CEO

We had been determined to move this forward and work in stealthmode to make this a reality for the LCX community and the whole crypto industry.

Community Host

Great and to the next question with me.

Community Host

When will there be another update for the android app? Why does the app have so many bugs? Were there no test phases?

Monty Metzger, CEO

LCX Mobile, which includes both Android and iOS apps, is an important product category for LCX. 

In general, our team is addressing any bugs reported by the community and working to provide a seamless mobile experience. We will be releasing updates continuously and will release an updated version of the app after internal testing. Thank you for your support and we look forward to continuing to improve our mobile offerings.

Monty Metzger, CEO

….. but we also have some exciting news to share with our community before Christmas and hope to collaborate even more closely with you – on LCX Mobile.

Community Host

Some users are skeptical about so many developments in the ecosystem and want to know why they should use $LCX ahead of others. 

This will take us to the next question.

Community Host

Why should I use lcx over other exchanges out there?

Monty Metzger, CEO

There are several reasons why you may want to consider using LCX over other cryptocurrency exchanges.

First, LCX is a regulated exchange registered with the Financial Market Authority of Liechtenstein (FMA) and is subject to strict financial and operational regulations. This ensures that LCX adheres to high standards of financial soundness and risk management, providing greater security for your funds.

In addition, LCX is audited by both external auditors to ensure financial transparency and the protection of customer funds. LCX also practices segregation of funds, meaning that customer funds are not lent and are always accessible.

The LCX platform is also built with multiple layers of protection and industry-leading security protocols to safeguard user data.

Overall, LCX’s commitment to regulation, transparency, and security make it a trusted and reliable choice for cryptocurrency trading.

Community Host

Because of time, the channel would be open to chatting directly with the CEO before the final cap.

Monty Metzger, CEO

So – to be clear. All funds are held 1-1. 

If someone deposits 1 BTC or 1 QNT, there is 1 BTC and 1 QNT in the system. 

We’ve seen some very questionable “proof of reserves” recently by other players where 90% of funds are held in USD stablecoins or BTC. This doesn’t make any sense….

Community Host

I hope you guys are ready? Some of your questions will still be thrown open though!

Community Host

Thanks for the insight!

Community

@montymetzger Can you explain what impact the partnership with the WEF has had on LCX and what the future of the partnership is looking like?

Community Host

I have noticed that it’s a big turn-off for new investors/users that LCX doesn’t have defined max. supply on major coin-informative sites like CoinMarketcap.

Has LCX done anything regarding that issue. If so, in your opinion, what is the blocker?

Monty Metzger, CEO

We also noticed this and have provided information several times. 

It is a good point where the community can help. You can file a ticket at CMC and other coin tracking platforms and send them correct information. 

LCX token has a fixed max. supply of 950 Million LCX Token. Also the smart contract does not have a mint function and cannot be upgraded. As such the total supply is fixed forever.

Community

Secret Advisor and Celebrity Tiamonds are things taking too long to disclose.

Monty Metzger, CEO

Secret Advisor stays secret. ?

Community

When is celebrity TIA? Has it been canceled?

Monty Metzger, CEO

Tiamonds is a platform that allows users to buy and sell tokenized diamonds, which are digital assets that represent the ownership of a physical diamond. Tokenized diamonds can be easily bought and sold using cryptocurrency or other digital assets, and offer an alternative to traditional diamond investment options. By using blockchain technology to track the ownership and authenticity of diamonds, Tiamonds aims to provide a more secure and transparent marketplace for diamond trading. Tiamonds may be a good option for individuals looking to invest in diamonds or diversify their investment portfolio with a new asset class.

With the regulatory approval of the Physical Validator of LCX the Tiamonds platform can expand. Really looking forward to 2023 in this regard – much planned in the background which will blow your mind. 

In terms of Celebrity editions: Tiamonds has had discussions with several top tier celebrities and their management teams about launching Celebrity Editions of tokenized diamonds. Including Snoop, Gal Gaddot, Pitt, Hilton and more. However, due to current market conditions and legal actions taken against some celebrities, Tiamonds is being cautious about moving forward with these plans. 

In the year of the Tiger adaptability is important. And It is important for a company to consider various factors before launching a new product or service. Tiamonds is taking a balanced approach to ensure success. As such, Celebrity Editions is on the roadmap and a goal for us – but will be launched when the time is right.

Community

If chart LCX up 1$ when this ?

Monty Metzger, CEO

We are not commenting on the price of LCX token.

Community

Can you tell me more details about IDO? Schedule and contribution for each?

Monty Metzger, CEO

Offerings (ITO) this year and plan to continue expanding on this strategy in 2023. Our token sale manager is the best way to run a token sale in a legally compliant manner, providing legal clarity and security for project teams. LCX is registered as Token Issuer under Liechtenstein’s Blockchain Act and has the duty to make certain publications and registrations for each token sale. 

Furthermore, projects launched at our LCX Launchpad have been growing and developing very promisingly. For example, DigiCorp Labs recently announced a partnership with Shell, and NMKR has become the fastest growing Dapp and platform on Cardano, achieving significant traction. We are proud of the success of these projects and look forward to supporting the growth and development of future projects on our platform.

Community

When will your tokens be listed on exchanges and which exchanges do you plan to list on in the future?

Monty Metzger, CEO

See my answer before. 

I am proud to see LCX token being listed at Coinbase and Kraken – and of course as an exchange based token with many pairs at LCX Exchange.

Community Host

2 questions for Monty.

1.Lcx integrate in future on XDC,XRPL OR HEDERA?

2.Why does every deposit transaction need to write in online support?

Thank you.

Monty Metzger, CEO

Hedera is fully supported on the LCX platform. We also listed HBAR as part of our partnership with Hedera Hashgraph and did invest in the underlying infrastructure.

Community

Can you share your social media links? So can we keep ourselves updated?

Monty Metzger, CEO

Mark – happy to answer your question ?

These are our official social media accounts. 

Telegram – Verified main chat https://t.me/JoinLCX

Twitter – Verified account https://twitter.com/lcx

Youtube account https://www.youtube.com/channel/UCNj78acRE-ywQPim-wZ8RTQ

Facebook https://www.facebook.com/LCX.exchange/

LinkedIn https://www.linkedin.com/company/lcx

Instagram https://www.instagram.com/lcx.exchange/

Website: LCX.com

Email [email protected]

PLEASE WATCH OUT – there are many fake and scam accounts out there. 

We only have LCX.com as a main website for LCX. If you have any doubt or questions – simply email us at [email protected] to clarify.

Community

@montymetzger  Can you explain what impact the partnership with the WEF has had on LCX and what the future of the partnership is looking like?

Monty Metzger, CEO

Important question as the World Economic Forum and its Annual Meeting in Davos 2023 is coming up in January. 

We are also considering inviting our top users to a special event in Davos with some of our advisors and partners. Ready to meet in Davos?

But let me explain a little more. 

LCX has become a member of the Centre for the Fourth Industrial Revolution of the World Economic Forum (WEF) and has been part of a select group of global companies closely aligned with the forum’s commitment to improving the state of the world. This has been announced in Jan 2019. 

The WEF is an independent international organization that brings together leaders and policymakers from business, politics, and academia to discuss the world’s most pressing economic challenges. The WEF Centre for the Fourth Industrial Revolution is dedicated to driving positive change by accelerating the benefits of science and technology, and has identified nine core technologies, including blockchain and distributed ledger technology (DLT), as key to the next industrial revolution.

Basically if you want to meet Jamie Dimon, Larry Fink, David M. Solomon or me… you should come to Davos. At WEF the leadership and owners of the most powerful and largest organizations worldwide are attending.

Monty Metzger, CEO

Here is a summary of the key points of today’s AMA:

LCX is a company that provides a range of products and services in the blockchain and fintech industries, including an exchange, a token sale manager, and a launchpad for new projects. LCX Exchange is at the core of the ecosystem and truly a next generation cryptocurrency exchange. 

The LCX token is supported by Coinbase Custody and Coinbase Exchange with three trading pairs, and it is possible that the token may be listed on other platforms in the future.

LCX plans to launch a referral program for its users in the near future, which will allow users to earn rewards and invite others to join the platform.

LCX plans to collaborate closer with the community on LCX Mobile – stay tuned for more news. 

LCX has conducted several successful Initial Token Offerings (ITO) this year and plans to continue expanding on this strategy in 2023. The LCX token sale manager is a reliable and legally compliant way for project teams to conduct a token sale.

Tiamonds is a platform that offers tokenized diamonds as NFTs – a whole NFT marketplace built on proprietary software.  Next level of Tiamonds is coming. Stay tuned. 

and 

LCX Becomes First Physical Validator in Liechtenstein and Globally. As a Physical Validator, LCX is responsible for verifying the authenticity of underlying assets and securely storing the physical assets on the blockchain.

With regulatory approval as a Physical Validator, LCX is well positioned to expand the Tiamonds platform in 2023 and continue driving innovation and adoption in the blockchain industry.

Monty Metzger, CEO

Thanks @king_LCX for hosting this special AMA today. Also special ? to @Eike1999 and many other community members who give valuable support to us on a daily basis. 

I am humbled to work with all of you and excited to see such a passionate LCX community. 

I am wishing you all a lovely Christmas time, happy holidays and a wonderful new years celebration. During this time, we have a lot of exciting news to share, but we’re not sure how we’ll fit it all in….. ? Ain’t Nobody Got Time For That ?

Nonetheless, we believe that 2023 will be the best year in LCX’s history and we hope you will join us on this exciting journey.

Community Host: 

The AMA session with Monty has finally come to an end.

We’re thankful for your support and for the amazing response to the AMA session with the CEO. 

Also, we are indeed overwhelmed by all our esteemed community members, for their support and vitality towards the project.

For more information regarding LCX and the latest updates, you may visit LCX Insights 

Thanks to all of you! The $LCX Community is amazing!