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

Dear LCX community,

On June 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. Let’s dive in!

Community Host

Could you please give a brief insight into what has happened around LCX in the last month?

Monty Metzger, CEO

LCX kept delivering. The community can see that the pace of innovation is accelerating. A key focus was the re-launch of the Tiamonds Platform. Tiamonds introduces real-world diamonds on the blockchain as enforceable asset-backed NFTs to the market. This marks LCX as the first platform to offer liability as a physical validator for asset-backed NFTs.

Community Host

Great??

Monty Metzger, CEO

Tiamonds is a revolutionary project launched by LCX, involving asset-backed non-fungible tokens (NFTs) representing real-world diamonds on the blockchain. The launch involved unveiling the next batch of tokenized diamonds, which are GIA-certified and securely stored in a vault in Liechtenstein. LCX, serving as the physical validator, ensures contractual enforcement of the rights represented by these NFTs. This launch marks LCX as the first platform to offer such enforceable asset-backed NFTs, thereby creating a new marketplace for diamond trading and ownership.

Community Host

Great! That’s very nice ?

Monty Metzger, CEO

Tiamonds is built around the LCX community as well. All sales of the new batch are only sold using LCX tokens. See https://tiamonds.com/market

Community Host

Let me put a question from the community based on this achievement. Congratulations to LCX on Tiamonds successful launch. My question is, what are your future plans for Tiamonds, and are you planning to launch any other tokenized asset in the future?

Monty Metzger, CEO

Tiamonds have huge potential. We are already the largest marketplace for tokenized diamonds worldwide. Our future plans for Tiamonds involve enhancing the trading experience and establishing strategic partnerships within the diamond industry to deepen the market.

Community Host

Ready to grow! ?We are just getting started?

Monty Metzger, CEO

We are currently at 200 tokenized and want to grow to 10’000 tokenized diamonds on our platform and more.

Community Host

10k? That’s gonna be very huge??

Monty Metzger, CEO

Also, the pace of development is changing. We have now hired a new Head of Tiamonds project and expanded the team. We will now roll-out new features and new products on a weekly basis. In addition to this, we will introduce unique utility functionality for the TIA token to enable usage on the platform beyond the governance functionality. 

Community Host

That’s very nice let’s see what it is ?

Monty Metzger, CEO

This means our inventory of Diamonds will be approx. 50 Million USD depending on which diamonds we will tokenize. At Tiamonds aim to provide a secure, transparent, and easily accessible platform for trading and investing in Tiamonds, enabling users to participate in this exciting asset class. Regarding our future plans for Tiamonds, we are focused on continuously improving the trading experience and are actively working on forming strategic partnerships and collaborations with reputable diamond industry stakeholders.

Community Host

Thanks for the awesome infos Monty! Let’s continue with the next question ✅

Community Host

The upcoming token sale project for Gauss seems interesting. Are there any more interesting projects or partnerships in the pipeline for LCX? When can we expect the next big announcement?

Monty Metzger, CEO

Yes, Gauss is a big, exciting, and strong project, and LCX is delighted to partner with the Gauss Ecosystem. GAUSS is the first curated layer 1 blockchain platform designed specifically for brands and their audiences. Digital reward and loyalty programs offer cost-effective benefits to unite fragmented audiences into a vibrant community. With a thorough vetting process and a secure ecosystem, brands, and users can leverage all the benefits that blockchain technology offers without having to worry about the scams and security issues of other ecosystems without protections in place. The Gauss Ecosystem is designed with quality, integrity, and accountability as foundational elements. The $GANG token sale went live on LCX exchange platform on 9th June, 2023. Traders now have $GANG tokens at their disposal to purchase. You can buy $GANG tokens here: https://accounts.lcx.com/token-sale/ongoing

Community Host

Great development! Awesome! $GANG looks very interesting

Monty Metzger, CEO

In regards to new partnerships – we have on-going talks and plan to make some major announcements soon. The current market conditions are an opportunity for us. We have always been more conservative than others, we have not compromised on compliance and have had a clean history of transactions on our platform since the start. As many centralized crypto exchanges are facing lawsuits and uncertainty – the market is re-shaping. Billions of dollars are withdrawn from unregulated exchanges. Users are looking for reliable and trusted platforms like LCX.

Community Host

Thanks for the update and this will take us to the next question; Are there any plans to set up in other regions and get licenses? Africa, Dubai, Singapore, Hong Kong etc.?

Monty Metzger, CEO

We have a long-term vision to expand our reach and serve customers across the globe. While I cannot share specifics about which regions we’re considering at this moment, we do understand the strategic importance of places like Africa, Dubai, Singapore, and Hong Kong. The regulatory environment is a key factor in our decision-making process. 

Therefore, we are actively exploring these markets and considering the feasibility and requirements for obtaining licenses. Our aim is to operate within the confines of each region’s regulatory framework to provide a secure and legally compliant platform for our users. Please stay tuned for further announcements.

I’d like to highlight that LCX is fully regulated in Liechtenstein, one of the most forward-thinking countries when it comes to blockchain regulations. We’re a leading, trusted technology service provider here, with nine different registrations and over three years of experience in regulatory compliance. This provides us with an invaluable advantage when navigating regulatory landscapes.

Community Host

Interesting and exciting time ahead?

Monty Metzger, CEO

Furthermore, the impending Pan-European MiCA (Markets in Crypto-Assets) regulations, set to come into force in 2024 or 2025, will enable us to passport all MiCA licenses from Liechtenstein across the European Union. This means we won’t need to establish separate entities in each European country, streamlining our operations and enhancing transparency and trust. This experience and foresight position us uniquely as we consider expanding into new territories such as Africa, Dubai, Singapore, and Hong Kong.

Community Host

Very Nice Monty! Let’s do the next question.?The quality of the products is now better, but not yet competitive, because UX and UI aren’t yet good. Will you put your technological focus on Europe or stay in India?

Monty Metzger, CEO

Thanks – that’s good to hear. At LCX, we continually strive to enhance the quality of our products, focusing on both the user experience (UX) and user interface (UI). We recognize that our customers come from diverse geographical regions and backgrounds. Hence, our technological focus is not confined to any specific region, be it Europe or India.

Our commitment is to provide an excellent and user-friendly platform for our global customer base. To that end, we incorporate feedback from our users worldwide and invest in research and development to continuously improve and innovate our platform. We believe that this global approach to technology and product development is crucial for staying competitive in the rapidly evolving world of cryptocurrency and blockchain technology.

We aim for improvement and growth, which is reflected in our recent move to a fantastic new office in India in Q1 2023. We have found that having a physical office has greatly increased our development speed, focus, productivity, and even enjoyment of our work.

Additionally, we’ve expanded our team in Liechtenstein, hiring several key individuals and continuing to seek talented professionals to fill open positions. Despite the challenging climate of bear markets, we are not reducing headcount; instead, we’re growing consistently. At LCX, we believe in our mission and are investing in our team to continue to innovate and provide exceptional products for our customers worldwide.

Community Host

Very nice Monty thanks for the clear answer ??

Monty Metzger, CEO

You are welcome. At LCX, we stand by three core values: Integrity, Unity, and Excellence. We operate transparently, foster collaboration, and relentlessly pursue top-tier performance in all that we do.

Community Host

Great and thanks for the insight. Have got two questions related to tokenization here;  Will you also tokenize gold? Wouldn’t it make more sense to create a marketplace for tokenized commodities instead of just diamonds? This post was written 2 years ago. Is there an update regarding the tokenization of real estate?

Monty Metzger, CEO

The biggest shift is that LCX has become a true ecosystem. A group of companies and platforms – focusing on our values and empowering the LCX community at the center.

Community Host

The LCX ECOSYSTEM IS THE FUTURE ?

Monty Metzger, CEO

I started my first company in 1998 and since then, I have started many more companies. All digital. All internet. And now all Web3.

Community Host

Interesting, many community members always believe in your credibility?

Monty Metzger, CEO

One of the most important lessons of success for any company is focus. Focus on a niche and become very strong in this niche. That’s why we focus on Diamonds only at Tiamonds. Diamonds market is a $100+ Billion Dollar market. But LCX is a trusted technology service provider and is now offering the role of “Physical Validator” to many projects. This can be basically anything. Any object or physical object. We are in talks with many projects where we can provide legal clarity and integrity for the tokenization project

Community Host

Very nice Monty ! ?Lets go to the next important Question ✅

Monty Metzger, CEO

Yes

Community Host

Will the UI of the app be revised again with regard to the chart? After the revamp of the app, it was said that there will be weekly updates of the apps. In the meantime, there is only an update once a month again.

Community Host

Guys, get ready with your live questions!

Monty Metzger, CEO

At LCX, we value user feedback and are continuously working to improve our mobile apps, including the chart interface. While we have been able to provide weekly or even twice-weekly updates for LCX Mobile on Android, we have faced challenges with the iOS version.

Due to the stringent review process imposed by Apple, updates on the iOS App Store have been slower. We are actively engaging with Apple to address their requirements (on a daily basis) and ensure a smoother update process. Our team remains committed to delivering regular updates to enhance the user experience across both platforms. Apple app store policies on crypto-related apps are slowing down any app release. I heard crazy stories from many other projects. They are almost manipulating the market due to their app review actions.

Community Host

Thanks to our esteemed community members?

Community Host

Guys, the community is now open:)

Monty Metzger, CEO

Looking forward to get all your questions

Community

What is your opinion on the SEC vs Binance, CB, CZ case?

Monty Metzger, CEO

The market is re-shaping. It’s time for the next generation of crypto exchanges. Btw… also no surprise to us. Take your funds off the platform as long as it is possible.

Community

Binance, Coinbase and others have been known to use wash trading to inflate volume. Does LCX wash trade? Likewise, exchange tokens are often used for this. Not only to pump volume, but to pump the price of the token. Has the LCX token ever been used for that?

Monty Metzger, CEO

No. Simply answer. I have addressed this several times in the past. Many unregulated exchanges are wash trading, have no KYC, and have a low level of compliance. Not sustainable or secure for clients. I meant Binance.

Coinbase is fully aligned with us. Pushing regulatory innovation and engaging with policymakers. Kudos to Coinbase.

Community

The whitepaper for Tiamonds hasn’t been updated for this new batch of Tiamonds and shows LCX has only got 8 licenses.

Monty Metzger, CEO

The whitepaper will be updated soon. Also, we will launch new things at Tiamonds in the coming weeks. Our team is creating our own media channels for Tiamonds where we will make these announcements.

Monty Metzger, CEO

Btw – just to remember the first batch of Tiamonds – our first 100 Tiamonds NFTs get 1 Million TIA Tokens per NFT, over 1 million minutes. approx. 55% of the time pasted, so there is more than 45% of TIA rewards investing. The second batch (now live) only receives 100’000 TIA per standard Tiamond and 500’000 TIA only for special edition Tiamonds. TIA rewards will decrease over the next batches.  At the same time TIA utility will be introduced.

Community

The first round or two of Tiamonds you were not licensed as a physical validator, but now you are. How does that change things, if at all for Tiamonds.

Monty Metzger, CEO

The first batch was our showcase to engage with the regulator on the registration process. 

The biggest difference now is: 

1) We can scale Tiamonds project and provide legal clarity to our users. 

2) We can offer the Physcial Validator Service to other projects

This is a must read if you are interested in the Physcial Validator legal aspects.

A research paper by Univerity of Albany in New York featuring Tiamonds and LCX. 

https://www.albanylawreview.org/article/75407-liechtenstein-s-blockchain-act-and-the-implementation-of-the-physical-validator

Community

How will these Tia rewards be distributed with this new batch? Last batch was 1 Tia every minute for 1 million minutes.

Monty Metzger, CEO

We keep the time frame of 1 Million Minutes. 

So if you buy Tiamonds Nr. 124, you will get 100’000 TIA over 1 Million minutes. So 0.1 TIA every minute. 1 TIA in 10 minutes 

And if you buy Tiamonds Nr. 110, you will get 500’000 TIA over 1 Million minutes. So 0.5 TIA every minute 1 TIA in 2 minutes

Community

Have you withdrawn completely from the USA? I can’t find anything more about LCX inc. in wyoming.

Monty Metzger, CEO

We have never started operating in the US. We wanted to, but we already learned about the upcoming crack-down. That’s why we are in a wait-and-see position. At the same time we stand and support initiatives by Kraken and Coinbase. While the US is falling behind. Europe is becoming stronger and stronger. Most large crypto projects are based in Switzerland anyway.

Community

So there was never any LCX Inc in Wyoming?

Monty Metzger, CEO

No, we did not start any activities in the US. 

We have rather double down on Liechtenstein which has the most forward-thinking legal framework for Blockchain and Crypto. And we double down in Europe where MiCA will be introduced. Also, we will continue with the security token launch. Our tokenized bonds are innovating the market. It is the first Bitcoin denominated bond – ever approved and passported across Europe.

Community

When will there be increased liquidity on the LCX exchange and when will deposit and withdrawal be automated?

Monty Metzger, CEO

Deposits and withdrawals are 99% automated. Liquidity is growing steadily …. but we want it to grow much more.

Community Host

Thank you, Monty, and I hope to see you again in the next AMA. Also, thank you LCX community for your usual support?

Monty Metzger, CEO

Thanks @king_LCX @Alexi_LCX and everyone in the community for your support.

Monty Metzger, CEO

One more thing…… in the coming 4 weeks we will launch something big. We kept it secret and in stealth mode for a very long time. A dedicated team of blockchain developers, UI experts, and Web3 software engineers is working on this. A new product category. And it will be expanding the LCX ecosystem and giving back to all $LCX holders.

Community Host

Wow thats huge !!! Lets do it ??

Monty Metzger, CEO

Thanks for joining the AMA. 

Invite your friends to our LCX community on Telegram. With all the current memes out there, it’s also so much fun to join our engaging community. We will be celebrating 20’000 LCX token holders very soon. At 19,744 today.

Monty Metzger, CEO

Onwards and Upwards!

Community Host

We have finally come to an end?

Community Host

Thanks for your time.

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’ support and vitality toward 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!