Binance is not a name unheard of if you are familiar with the busiest cryptocurrency exchanges in the world. The company, with a net worth of $1.52 billion, recently announced its partnering initiative with the Liechtenstein Cryptoassets Exchange (LCX). In other words, the Liechtenstein-based firm has decided to join hands with Binance to create a fiat-to-crypto exchange.
Binance is all set to offer its ground-breaking technical expertise for the platform as a part of this venture.
The new birth of this Binance and LCX project has gained attention from all around the world. The company is supposed to handle customer support such as due diligence, KYC, AML, legal requirements and other government communication-related aspects of the project.
In a recent press release, the details disclosed the currencies to be included by the exchange. The inclusions of fiat currencies specifically Euro (EUR) and Swiss Franc (CHF) might witness trading against the majority of the cryptocurrency powers. This has finally come as a good news for the European market.
Will The LCX Initiative Involve Crypto Assets Like LTC , BTC, And ETH?
Talking about the European Crypto exchange market, Bitstamp stands as the top current fiat currency trading organization as of now. It offers a conservative selection of assets like LTC, BTC, ETH, XRP, and also BCH. Such cryptocurrencies might be a part of the new Binance LCX exchange initiative. However, we will have to wait for the launch even to receive the confirmation regarding this.
This recent activity is an effort of Liechtenstein to take a proactive stance towards the emerging cryptocurrency space. Additionally, sources reveal that the country is planning to take things to the next level by preparing a piece of legislation namely the Blockchain Act Liechtenstein. This will help them incorporate technology into their own framework. Consequently, only the future will tell us the result of this initiative and how things will turn out for the company.
Prime Minister Encourages
LCX, as we know, is home to several popular blockchain projects including notable ones like Aeternity. The positive attitude of the country is evident by the fact that the Prime Minister provides an encouraging statement in the recent press release:
“We welcome Binance LCX to Liechtenstein. Blockchain technologies are laying the basis for an entirely new industry. We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other Blockchain companies to provide exceptional services here in Liechtenstein.”
This venture seems to be fruitful in all aspects. However, only time will show us its real benefits. For now, we can only analyze the way it will affect the cryptocurrency market.