Governments around the world are threatening regulation against cryptocurrencies and companies that handle them. London Based Crypto LCCX (London Crypto Currency Exchange) is welcoming of regulation and feels it’s needed in the current market where hacks and scams are thriving. LCCX CEO Robert Benwell said, “As investing in cryptocurrencies become more mainstream the market needs to adapt and work with regulators to produce new laws and rules that protect consumers. Too many exchanges around the world have no transparency. They don’t display any company information or address so consumers have nowhere to turn if things go wrong. We’ve seen a number of recent hacks that have cost clients of those exchanges millions of dollars in value. People are soon only going to want to deal with exchanges that are regulated and that also insure their clients funds against hacks.”
The Current State of Crypto Exchanges
One of the most prevalent issues has to do with security for crypto asset traders especially with regard to the use of existing exchange platforms. It has become the order of the day to hear of sudden government crackdowns and seizures that leave investors stranded, exchange platforms operating in unpredictable jurisdictions, online storage of client funds and subsequent malicious attacks, working outside the realms of regulations and lack of insurance options against hacks.
Exchange platform users also complain about poor trading experiences on these platforms as a result of limited liquidity especially for small crypto coins. In fact, in many cases, only the major coins are available for trade on most platforms. Those that offer smaller coins mostly charge high premiums in the form of high withdrawal fees. There are also order delays and system downtimes that result in inconveniences for traders.
When it comes to customer service, the reputation of most existing exchange platforms is wanting, with tickets taking weeks, sometimes months, to get processed. The absence of live chat support on these sites is also a major turn-off, as is the lack of physical address details for a significant number of them.
The LCCX Solution
These are just some of the burning issues that crypto enthusiasts have to contend with on a daily basis. Unfortunately, in view of the decentralised nature of the blockchain technology that underpins the crypto industry, there is little the end user can do when they feel discontent. There is no central authority to turn to and up till now the situation has seemed hopeless.
LCCX seeks to be the solution for all of the above and many other issues that the current crypto exchange platform model fails to address. It aims to set a new standard by developing the most trusted exchange platform, with user convenience at the heart of the project.
Restoring Transparency and Accountability to the Crypto Industry
The first and simplest step that LCCX plans to use to remedy the situation is to have the company details, including its physical address, present on the website. This is to create accountability for the project and inspire hope in investors. The project also aims to work closely with regulators such as the Financial Conduct Authority in the UK and others around the globe.
In order to prevent the likelihood and impact of malicious attacks on the system’s network, the company plans to keep all client funds in secure, offline, cold storage facilities. But as a further protective measure, LCCX also aims to offer insurance covers for all funds against hacking.
A User-Friendly Approach
The LCCX website will have live chat support round the clock to guarantee real-time assistance for users. Additionally, the project plans to offer a one-stop shop for crypto exchange users. To this end, the platform will have hundreds of coin varieties available for trading so as to appeal to all users. There will be trading pairs with both fiat currencies as well as popular crypto coins.
The LCCX market-making service will offer added liquidity even for smaller coins traded on the exchange. Customers will pay minimal withdrawal fees to encourage transactions on the platform and to increase functionality. The platform will make use of an ICO underwriting service with the latest, exclusive crypto assets.
The LCCX ICO
LCCX is holding an ICO public pre-sale that is scheduled to start on March 12, 2018. This crowdsale will hold massive benefits for early investors thanks to its highly appealing bonus structure. This comes in three tiers, with a 30% bonus on the first 15 million tokens sold, 20% for the next 10 million and 10% for the next 7 million.
Lastly, LCCX is comprised of a powerful team of members from both the traditional financial and legal sectors as well as others from new tech industries. It has what it takes to fulfill its objectives and usher in the long-awaited disruption to the current exchange platform model.