LCCX Builds Cryptocurrency Exchange Seeking to Inspire Trust
The project aims to solve pressing problems in the fledgling cryptocurrency industry by creating a secure and customer-focused exchange.
The total cryptocurrency market capitalization has surged by over 1,500% during the last 12 months, according to CMC. This explosive growth has attracted millions of traders, investors, and ordinary people, all of them eager to try their luck with a new class of assets. Existing cryptocurrency exchanges have apparently found themselves in a dire situation, forced to halt registration processes amid their inability to cope with the inflow of new buyers and sellers. A series of fierce hack attacks and a tightening regulatory approach in major jurisdictions have exacerbated the fundamental flaws of the industry.
Cryptocurrency exchanges face the following problems:
- Lack of trust both from users and regulators: Frequent security breaches and hack attacks leading to the theft of billions of clients' funds have made people weary, making them realize they are not protected against losses due to technical issues, fraud, or malicious activity.
- Poor trading experience and low liquidity for smaller coins: This is due to most exchanges supporting only major coins or charging huge fees.
- Low-quality customer service with delayed support: Exchanges often do not have a physical address and do not provide live chat support.
LCCX makes a difference
The London Cryptocurrency Exchange (LCCX) is going to face these problems. As the company is based in London, it will be fully regulated by the Financial Conduct Authority (FCA). Currently, its team of experts is working proactively with the FCA and regulators in other jurisdictions to ensure full compliance and support from the authorities. The LCCX is scheduled to go live in the third quarter of this year.
To streamline the customer experience, LCCX plans to offer a wide range of digital tokens paired both with popular cryptocurrencies and fiat currencies, as well as multi-lingual customer support available on live chat 24/7. Traders will be able to access a trading environment through a web interface or via mobile apps.
"Our goal is to set a new industry standard for safety of clients funds with 60-75% always being stored in cold storage vaults, and then online funds being fully insured," according to LCCX advisor Simon Cocking.
LCCX ICO details
LCCX launched a public pre-sale on March 12, with discounts ranging from 10% to 30% at this stage. The main public ICO phase will run from April 30 to May 20, 2018, or as soon as the hard cap is reached, whichever happens first. The team plans to sell 60 million LXT tokens in total, while the total supply is limited to 100 million. Developed on the Ethereum blockchain as an ERC20 token, LXT will work with all Ethereum wallets.