Welcome to our 2022 Annual Review, “The Year of the Tiger”.
LCX passed many milestones in 2022: by year-end, we have served more customers than ever before, experienced a growth of trading volume at LCX Exchange, hosted five initial token offerings, and extended our leadership position despite aggressive and competitive market conditions.
This is Day 1 for the cryptocurrency and blockchain industry. After an euphoric year before, the global economy entered into a recession. The crypto market has been shaken by sell-offs, implosions of projects, bankruptcy filings and downfalls. This marks a challenging but potentially transformative time for the industry.
Key characteristics of a Tiger are strength, adaptability and determination. These characteristics had been essential strategic elements for LCX while navigating the Year of the Tiger 2022.
LCX positioned itself to spearhead the tokenization of capital markets and digital securities.
We started the year by launching Tiamonds, our NFT marketplace for real-world diamonds which now became the largest trading platform for tokenized diamonds. Tiamonds NFTs are non-fungible tokens (NFT) representing the ownership rights of real-world Diamonds. All NFTs are 1-1 asset backed by certified Diamonds. Alongside Tiamonds we also launched TIA Token, a deflationary cryptocurrency which is available for trading at LCX Exchange and other exchanges.
After a two year process LCX gained regulatory approval as Physical Validator which will enable us to expand the Tiamonds in 2023. This makes LCX the first and only company in Liechtenstein, as well as the first company worldwide, to attain this registration. A Physical Validator ensures the contractual enforcement of token rights and real-world objects – ultimately this is the foundation for the future of asset tokenization. Now LCX is well positioned to lead the market of tokenized assets.
In addition we focused a lot of time to build the groundwork for new product categories and true innovation in the cryptocurrency market. In early 2022 LCX filed the security prospectus for a 10 Million EUR tokenized bond with passporting all across Europe. This is the first of a variety of new product offerings for fixed income and yield earning features for our users.
The year also started with a setback for LCX, as one of our hot-wallets got hacked and cryptoassets worth millions of dollars were stolen. I wanted to express my appreciation for the way our whole team has handled this difficult situation. Our transparency and dedication throughout this process have been instrumental in navigating this challenge. First we re-enabled the platform and refunded all users. Second we followed the stolen funds, froze more than 60% of the funds and sent the first ever Service NFT to the hackers wallet approved by the New York Supreme Court. This step caused a wave of articles by journalists around the globe.
As a result we have turned this negative event into something positive. It has not been easy, but I am grateful to have such a dedicated and capable team by my side. Thank you for your hard work and commitment to doing what is best for the company.
LCX has become the Nr 1 place for compliant token sales in Europe. LCX is registered as Token Issuer and can act as a kind of placement agent for initial token offerings (ITO). In 2022 LCX conducted five token sales with private rounds and public sales offering the next crypto gems to our LCX users. It’s important to repeat that LCX’s Launchpad is the world’s only solution combining legal issuance, registration at the regulator, token creation, vesting, token distribution and investor onboarding all on one platform.
We are proud to see the development of the projects launched at LCX token sale manager. NMKR is becoming the fastest growing platform on Cardano. DigiCorp Labs is establishing the next B2B blockchain infrastructure. Envision is building the getty images of crypto. Galileo is developing a multichain protocol network on top of Quant interoperability capabilities. And Tangent is setting up a NFT ecosystem on Cardano blockchain.
For years, LCX refrained from external marketing and paid advertising, relying instead on word-of-mouth and organic growth. This changed in the past year, as the company embarked on a roadshow that took me to highly reputed events as a speaker or keynote presenter, reaching thousands of participants.
In addition to these speaking engagements, LCX also sponsored a number of national and international events, including the Liechtenstein Token Summit, CV Summit at Crypto Valley in Zug, Switzerland, the Plan B Forum in Lugano, the European Blockchain Convention, the MetaForum, NFT NYC, the Finance Forum in Lugano, Cardano Summit and WEF Annual Meeting 2022. These efforts helped to raise the profile of LCX and establish it as a leading player in the industry.
In addition to its company roadshow and event sponsorships, LCX has also established a robust content marketing strategy, setting up a content factory with a team of designers and writers. This has allowed the company to produce high-quality, engaging content that helps to educate and inform its audience, while also establishing LCX as a thought leader in the industry. The content factory has been a key component of LCX’s overall marketing strategy, helping to drive traffic and engagement to the company’s website and social media channels.
In 2022, LCX also achieved rapid growth as the team doubled in size to almost 70 people. While this expansion brought new opportunities and successes, it also presented a range of internal challenges. To meet these challenges, LCX implemented new management methods, restructured teams, provided ongoing training and education, and held regular team events both remotely and in person. Quality control and testing were also prioritized to ensure the best possible experience for our end users.
One major achievement in 2022 was a tenfold increase in customer satisfaction, thanks to improved customer success processes and a dedicated team working around the clock to address customer requests.
Additionally, 2022 organized a personal team workshop, where almost all team members from Liechtenstein, Switzerland and India were able to come together in person. This event was a major motivator for the entire team, but also for me, and helped to foster a sense of unity within the organization. Let me share a team picture from our company workshop.
In a concerted effort to enhance its technical capabilities, LCX invested in new high-performance servers, security infrastructure, internal quality assurance tools, and training sessions to educate and upskill its team. These efforts paid off when the LCX tech team achieved a major milestone: the relaunch of the entire platform, with a particular focus on updating and improving the LCX Exchange.
The redesigned exchange boasted a range of new features designed to help traders execute faster and more efficiently. This achievement was a key highlight for the company, and a testament to the hard work and dedication of the LCX tech team.
In 2022 I personally focused to establish a company culture ready to become the next multibillion dollar company. LCX’s company culture and company values reflect the need for a customer-centric approach, the ability to adapt to market or technology changes quickly, and the ambition to build something outstanding. At initial company value were: The Customer Focus. First.; Learn. Be Curious.; Reflect. Deliver Results.; Simplify. Take Action.; Loyalty and Trust. We are a family, help and trust each other.; F*ck Average. Be Legendary.
Over the course of the year and the personal meetings with the team showed me that we have to update the company values. The company values are important for a high growth startup, like LCX, because they provide a set of guiding principles for the organization and help to shape its culture and identity. At LCX the company values do serve as a foundation for decision-making and help to align the actions of the team with the overall mission and vision of the company. Additionally, LCX’s company values help to attract and retain top talent, as employees are often drawn to organizations that share their personal values and beliefs. LCX’s company value also help to establish trust and credibility with customers, suppliers, and other stakeholders, as they demonstrate the company’s commitment to ethical and responsible behavior.
So let me present to you, the LCX’s Company Values going forward.
Integritas (Integrity), Excellentia (Excellence) and Unitas (Unity).
Integritas (Integrity): Integrity is a core value that involves honesty, fairness, and ethical behavior. It is important for LCX to demonstrate integrity to build trust with customers, investors, and other stakeholders. It is important to establish the company’s credibility and reputation, which are crucial for attracting top talent and building strong relationships with customers and partners. Integrity is also vital for LCX to maintain regulatory compliance and build trust with regulators and policy makers.
Excellentia (Excellence): Excellence is a value that involves a commitment to continuous improvement and the pursuit of excellence in all aspects of the business. It is important for LCX because the crypto industry is rapidly evolving and highly competitive, and achieving excellence is essential for staying ahead of the competition. It is also important for LCX as a fast-growing technology startup because it helps to drive innovation and ensure that the company is always delivering high-quality products and services.
Unitas (Unity): Unity is a value that involves working together as a team and fostering a sense of community and collaboration. I often talk about how our team and our users are part of the LCX Family. The crypto industry is highly decentralized and requires a strong sense of community and collaboration to thrive. At LCX it truly feels like a family, to foster a positive and supportive work culture that encourages creativity and innovation.
For LCX 2022 was the Year of the Tiger. Tigers are large animals known for their distinctive orange fur with black stripes, which helps them to blend in with the grasses and forests of their natural habitats. Tigers are also known for their strength, agility, and powerful hunting skills.
The characteristics of a tiger can be compared to LCX’s leadership and strategy
Strength and power: Like tigers, effective business leaders often need to be strong and assertive in order to get things done and achieve their goals. This can involve standing up for our beliefs, making difficult decisions, and being willing to take risks.
Agility and adaptability: Tigers are able to adapt to different environments and hunt a variety of prey. Similarly, LCX needs to be able to adapt to changing circumstances and pivot our strategies as needed in order to remain competitive.
Focus and determination: Tigers are known for their focus and determination when it comes to hunting their prey. LCX can also benefit from staying focused on their goals and being determined to achieve them, even in the face of challenges or setbacks.
LCX’s adoption of the characteristics of a tiger has allowed us to effectively navigate the cryptocurrency market and build a successful company.
As the world becomes increasingly digital, the financial industry is undergoing a major transformation. Traditional financial institutions are being disrupted by new technologies and business models that are changing the way money is used and managed.
LCX’s success in 2022 is a testament to the growing interest and adoption of blockchain technology and cryptocurrencies. As the industry continues to evolve, LCX is well-positioned to capitalize on the opportunities and challenges ahead. With a strong foundation and a commitment to delivering value to its clients, LCX is positioned for continued success in the coming year.
Written by Monty C. M. Metzger – @montymetzger,
CEO and Executive Chairman at LCX.com – @LCX
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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