On January 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”.
Let’s welcome our CEO @montymetzger to this month’s AMA
Monty Metzger, CEO
Welcome to the LCX community. Happy New Year to you all!
I am excited to be here at our monthly AMA. But I am not sure if we can cover everything in 60 min.
We are glad to have you here once again😇
So many things – we had been working on since years – are finally coming together
That’s very nice 🤯
Interesting, the community can feel it😇
A Lot of energy around us here💪
So let’s get started and hear from you 😊
Are there a number of central banks outside of Lichtenstein that will be using lcx for Tokenization validation without saying the bank names obviously.
yes – looking forward to getting your questions.
First question from community members 💧
We’ll start with some questions @king_LCX, @Alexi_LCX and team have collected and then we will open up
Great question. LCX is all about bridging the traditional financial world and the new innovative blockchain and crypto industry.
Unfortunately there is no central bank of Liechtenstein 😂 .
Liechtenstein is a small country with a population of less than 40,000 people, and it has decided to join the European Free Trade Association (EFTA) and the European Economic Area (EEA), but not the European Union (EU), which would have meant that Liechtenstein was part of the Eurozone. Liechtenstein is also a financial powerhouse with the highest GDP in the world !
Liechtenstein has a currency union with Switzerland, and its official currency is the Swiss Franc. This means that Liechtenstein does not have its own central bank, but rather it relies on the Swiss National Bank (SNB) to manage its monetary policy. The SNB acts as the central bank for Liechtenstein, just as it does for Switzerland.
But you are right, LCX is engaging with many banks and central banks
Let me explain
You can see this continuously through the LCX journey. Here are some examples taking you from recent to more historic work we did.
Here I am on stage with Thomas Moser, he is an Alternate Member of the Governing Board of the Swiss National Bank. Thomas is also a member of the Managing Committee of the Swiss Institute of Banking and Finance at the University of St Gallen and a member of the Advisory Board of the Swiss International Finance Forum SIFF.
That’s very nice ✅
Coindesk has reported about our regulatory approvals and how we work together with banks. https://www.coindesk.com/business/2021/01/05/lcx-exchange-gets-licensed-in-liechtenstein-to-help-banks-create-their-own-digital-assets/
Interesting development 💪
And pre-covid we hosted a closed-door special workshop in collaboration with the World Economic Forum in Singapore during Singapore Fintech Festival pre-covid. High level management of 15 central banks attended.
LCX is everywhere 🤯
Let me show some never published fotos
We are just getting started 😇
LCX is actively working with banks and central banks to explore the future of money and finance.We collaborate with these institutions in order to gain a deeper understanding of the financial systems and regulations, and to find ways to integrate tokenization and blockchain technology into these systems. In this collaboration LCX can gain access to valuable resources, expertise and knowledge that would be critical for the successful development of their tokenization projects.
Working with stakeholders in the financial industry will provide access to more resources, knowledge and experience to better understand the potential uses and benefits of tokenization. And it can provide LCX with the credibility and reputation needed to attract a wider range of investors and clients.
LCX is the Future. Connected everywhere.
MiCA (Markets in Crypto-Assets) is a proposed regulation by the European Union (EU) that aims to provide a framework for the regulation of crypto-assets, including those that are used for capital raising and investment purposes. Once fully passed, this regulation will have a significant impact on companies like LCX that are involved in the tokenization and trading of crypto-assets.
But it feels like LCX has an unfair advantage. We invested many years and lots of $$$ to become the leading regulated player with now 9 total registrations in accordance with the TVTG Blockchain Act. The Liechtenstein regulatory framework gives the perfect basis to be prepared for MiCA.
This will take us to the next question:)
Your partners @quant_network and @galileoprotocol are implementing regulated staking. They issue a part of the transaction fees to the people that are staking their token. Is this a possibility you thought about to improve the utility of the LCX token?
one more video from me and Thomas from the Swiss National Bank https://twitter.com/lcx/status/1549446469274505217
I dedicated several chapters on this in my new book
Can’t wait to read it 🤝
We will be hosting a special invite-only event inside the security zone for the world-premier of the Book: “Blockchain Banking: The Future of Money and Finance”. This will happen next week and we are looking forward to sharing some photos and insights with you.
VIP guests, surprise speakers and giveaways
We are rolling out product by product, new services, new features. With each new element we will add another layer of utility for LCX token.
Wow, this is great💪🔥
Next question is
– Tell us some more about your vision for tokenization and how the $lcx token will benefit from this wave of asset tokenization.
Which assets are you allowed/licensed to tokenize?
Tokenization is a hot topic in the world of business, as it offers a new and innovative way to create, manage, and transfer value.
LCX aims to Tokenize the World.
With our additional regulatory approval we made it clear that we will lead this industry.
In my book Blockchain Banking I have dedicated several chapters on this topic.
Let’s define tokenization. In the simplest terms, tokenization is the process of converting an asset into a digital token that can be easily traded and transferred on a blockchain network.
This can be applied to a wide range of assets, including real estate, art, commodities, and even intellectual property.
Interesting and I’ve got a question on this as well🔥🔥
Tokenization is the process of converting an asset into a digital token that can be easily traded and transferred on a blockchain network.
Here is a short teaser of the book. More will follow next week
Why is Monty always very specific about tokenizing diamonds, but never talks about his plans for other tokenized assets in specifics. It’s usually very general beyond diamonds. “Everything” or “digital assets”. I want to hear about gold, silver, stocks, oil, real estate etc..
That’s an important question.
Indeed, very important 🔥
LCX, is focusing on diamonds as our first tokenization project because we see it as a particularly well-suited asset for tokenization.
Diamonds are a valuable and durable asset, with a high intrinsic value and a relatively stable market, which makes them an attractive target for tokenization. Additionally, the diamond market is large and global, which could provide a wide potential audience for a diamond tokenization project.
Now as we became the worldwide first Physical Validator we are ready to scale this.
I wrote about Tiamonds in my 2023 outlook
Tiamonds is a NFT marketplace developed by LCX that allows users to buy, sell, and trade real-world diamonds using blockchain technology. NFTs are unique digital assets that represent ownership of a specific item or piece of content, and they have gained significant popularity in recent years due to their ability to authenticate and track ownership of digital items.
LCX has decided to expand Tiamonds by assigning a dedicated team to its development and operations. This expansion will involve increasing the range of diamonds available on the platform and improving the user experience for buyers and sellers. In addition, LCX plans to make Tiamonds more independent by creating its own social media channels and telegram channel, which will allow the platform to have a more direct connection with its users and stakeholders.
But do we stop with Diamonds?
As for the other assets you’ve mentioned, LCX has not yet fully developed our plans for tokenizing everything. As a startup, Focus is important. And we cannot do everything at the same time. In addition Tokenizing assets like gold, silver, stocks, oil and real estate is a complex, difficult and highly regulated task so we want to make sure we have the right partners, the right product market fit and enough resources before we move on with other tokenization projects.
It’s also possible that we are keeping the details of our plans for other assets under wraps until we are more fully developed and it is ready to be announced. But that’s just speculation.
You know, I am a German entrepreneur who likes to under promise and overdeliver.
Awesome, thanks for the clarification🙏
That’s the deal😂🔥🔥🔥
And again – it’s worth mentioning that LCX has registered as the world’s first “physical validator” under the TVTG Blockchain Act in Liechtenstein. The TVTG Blockchain Act is designed to provide a legal framework for the use of blockchain technology and cryptocurrencies.
Being registered as a physical validator under this act gives LCX a significant advantage in the tokenization space, as we will be able to operate under a legal framework that is specifically designed to support blockchain technology. This helps to provide greater security and confidence for the investors and users of our tokenization projects, including our diamond tokenization project – Tiamonds.
This registration, along with the experience and expertise in tokenization projects, makes LCX well-positioned to explore and develop tokenization projects in various other assets, like gold, silver, stocks, oil, real estate etc, and maybe making us the first choice for stakeholders looking to tokenize their assets.
Lets go to the next important question 🤝
What are your plans about Staking in the Future ?
– How do you plan on pushing the @lcx exchange, to get some volume on the trading pairs?
Guys, get ready for your interactive session😇
Keep your questions ready🔥🔥
Liquidity is key as we grow and serve larger clients. We have some exclusive tokens at our exchange , such as DGMV, NMKR or VIS > this drives growth.
We grow organically and we do see inflow while other exchanges struggle.
In addition we are working with leading Market Makers to expand the liquidity at LCX Exchange.
This is a key growth factor and KPI for LCX Exchange in 2023.
Awesome, thanks for the input 😇
LCX is a cryptocurrency exchange that offers a wide range of trading pairs, currently boasting 83 trading pairs and 35 crypto-assets listed on their platform, this gives our users a lot of options to trade, invest and diversify their portfolio.
We have plans 🤐
And as always we plan to NOT copy any other players who are unregulated and just do this to pump and dump. We are entering a blue ocean, entering a new territory which we have prepared for more than 16 months.
I hope that I can share more details soon and launch it in Q1 2023.
But good solutions take time. So please be patient.
Great, the community has been keen on this for a long time🔥🔥
We need USD
We have USDC atm and work closely with Circle on many levels. But we have plans to add another major stablecoin ….. partnership talks ongoing.
When will @LCX list the $jpm digital coin?
Monty Metzger, CEO
JPMorgan Chase, one of the largest banks in the world, developed the JPM Coin as a digital currency that utilizes blockchain technology to facilitate instantaneous payments between parties. The bank has stated that the coin is intended to be used for “institutional” clients, initially for international money transfers and securities transactions. The technology behind JPM Coin is based on a permissioned version of the Ethereum blockchain, called Quorum, this means that the network is only accessible to authorized parties, in this case, JPMorgan’s institutional clients.
The idea behind the JPM Coin is to improve the speed, efficiency and security of cross-border transactions by using blockchain technology. LCX shares this vision with JP Morgan.
We cannot disclose if, how and when LCX will start working with JP Morgan, other bank issued cryptoassets or central bank digital currencies (CBDCs) in the future. But I mentioned it in our vision paper and many times in public. In the long-term, LCX aims to become a global settlement platform for regulated tokens.
Monty, honestly, you see a lot of people in the community complaining about the user experience and problems that make the LCX exchange hard to use. Isn’t this the MOST important thing we have to fix right away? It is a fact that more crypto exchanges will eventually fall, that is the moment we can introduce them to LCX. Is there anyone in your team focusing on this?
I totally agree. Our core company culture is focusing around our users and our goal is to deliver an excellent and outstanding product.
And we’ve come a long way. So much has improved since 2019, since 2020 and even just within the last 6 months. But we are not stopping here.
It is a priority for LCX to deliver the best user experience.
To get there we have a team dedicated to customer success, that can help users with their problems, answer their questions and provide them with guidance. Our customer success can greatly improve the user experience and build trust with customers. We listen and collect all topics, discuss with our development team and implement the best ideas.
Also we include our community in testing and scale our quality assurance teams.
And we are rolling new performance based methodologies and strategies in our development team to deliver what you and what we expect in LCX.
Improving user experience can also lead to increased trading volume and adoption of the platform, which in turn could lead to growth and success for LCX.
By focusing on LCX’s user experience, we can create a platform that is easy to use, efficient and reliable.
Some call LCX the “Goldman Sachs of Crypto”. Can you explain why?
Goldman Sachs is a large, well-established investment bank that is known for its expertise in investment and trading. In comparison, LCX is a fast-growing blockchain innovator and cryptocurrency exchange that focuses on providing a wide range of investment and trading options for its users.
Goldman Sachs is known for its reputation as a trusted institution that caters to a high-end clientele. Similarly, LCX also has a reputation of being a reliable and trustworthy platform that caters to both retail and institutional investors.
Both Goldman Sachs and LCX are also known for their ability to navigate and comply with complex regulations. Goldman Sachs has a reputation for being able to navigate the complex regulations of the traditional financial industry, and LCX similarly operates within the regulations and gained more regulatory approvals than any other company in Liechtenstein.And finally both Goldman Sachs and LCX are early players in their respective industries, and both have been able to grow and establish themselves as leaders in their field, with a reputation for providing reliable and professional services.
Any update on instant sepa (announced 2021)?
Instant Sepa for EUR is supported by our partner Monerium already. The time for sending a EUR sepa transaction until it hits your LCX accounts has been increased significantly.
Is there any new utility planned for TIA?
The Tiamonds project is a key element of our roadmap for 2023. I cannot wait to tell you more…..
When will the new book be made available to the public?
In 2023, LCX will reposition and expand its products and services to meet the changing needs and preferences of its customers and the broader market.
> Focus: We plan to leverage and profit from LCX’s unfair advantages.
> Next Big Thing: We plan to roll out several major new product categories which will disrupt the global industry and drive attention to LCX.
> Expand: We are ready to work with the smartest and most reliable people in the industry. Hiring. New Partnership. New opportunities.
I have disclosed some more roadmap details in this yearly outlook: https://www.lcx.com/product-growth-roadmap-montys-company-update/
Thanks for all the input and before we close the chat, could you please give us a tease on Tokenized Bond?
LCX spearheads the tokenization of capital markets and digital securities. LCX filed the security prospectus for a 10 Million EUR tokenized bond with the Financial Market Authority Liechtenstein in February 2022. Here was the announcement when we filed the prospectus. https://www.lcx.com/lcx-files-for-10-million-euro-blockchain-bond/
And I can tell you; sometimes it takes 12 months to become an overnight success. 👌
The concept for the tokenized bond has been improved, evolved within the last year and finalized in an exciting new product category.
As a company, we believe that transparency is important in order to build trust with our investors and stakeholders. By publishing a prospectus, we are disclosing a wide range of information about our company, including financial information and background data, to give potential investors a clear understanding of who we are and how we operate.
Including financial information such as revenue, expenses, profits, and losses allows investors to evaluate our performance and make informed decisions about whether or not to invest in our company. By providing these background information about our company, business strategy, and any potential risks and uncertainties, we are helping investors to understand the potential opportunities and challenges that come with investing in our company. Some crypto companies do publish proof of reserves, with this step we are following public / listed companies such as Coinbase in the footsteps – and voluntarily disclosing this to our LCX community. This goes beyond standard proof of reserves and demonstrates our commitment to transparency.
I say thank you and goodbye to our amazing LCX family. We at LCX want to express our gratitude for your support, engagement and the trust you have placed in us. It is a wild and exciting journey, full of new discoveries and innovations. I expect no less in 2023 and look forward to supporting us in our future endeavors as we continue to push the boundaries of what’s possible in the world of crypto and blockchain.
So, until next time, let’s raise a virtual glass of HODL juice and cheer for the possibilities of what’s to come. Keep calm, stack sats, and HODL on!
Also big THANKS to @king_LCX @Alexi_LCX for hosting this AMA again. 👏
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!
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.
LCX AG is a company found in 2018 and registered in Liechtenstein No. FL-0002.580.678-2. LCX AG is regulated by the Financial Market Authority of Liechtenstein under the registration No. 288159 as a trusted technology service provider.
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