Binance and LCX join hands, announces creation of crypto-fiat exchange platform

On 16th August, Liechtenstein Cryptoassets Exchange [LCX], on their official Twitter page announced their collaboration with Binance in order to launch a crypto-fiat exchange platform in Liechtenstein.

LCX, Binance joint venture | Source: Twitter

LCX, Binance joint venture | Source: Twitter

According to the statement released by the companies, the platform will initially offer trade between Swiss Francs [CHF] and Euros [EUR] against Bitcoin [BTH] and Ethereum [ETH]. Furthermore, they stated they will be adding more pairs post regulatory approvals.

An experienced team from Binance will deploy the platform. They will also be responsible for maintenance of the platform.

The LCX team will be providing the required support to run the platform. Support activities include customer support, legal necessities, Know Your Customer [KYC] and  Anti Money Laundering [AML].

Moreover, the companies intend to set up a team of 10-15 in the Liechtenstein office to run the business.

The CEO & Founder of Binance, Changpeng Zhao believes the partnership will prove to be a new benchmark for blockchain technology. He said:

“I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike. I hope Binance LCX will drive new standards for usability and compliance for the blockchain industry”,

Further, Zhao also stated:

“We are very excited to bring the relevant experience and best practices to grow our team at Liechtenstein.”

The  CEO of LCX, Monty C. M. Metzger regarding the partnership stated:

“Professional investors need a reliable fiat channel to invest into crypto assets.We are excited to launch the joint-venture with Binance to establish new standards for the blockchain industry.”

Welcoming the partnership of LCX with Binance, the Prime Minister of LiechtensteinAdrian Hasler also gave his opinion. He stated:

“We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX..”

Also, Hasler encourages Blockchain companies to set foot and extend their services in Liechtenstein.

This new announcement between Binance and LCX has caused a lot of movement on Twitter. Many traders and investors believe that the exchange must include XRP as the base currency alongside ETH and BTC tokens.

XRP Researcher | XRP Investor, a Twitter user tweeted:

“Upset to see only BTC and ETH”

Leonidas another Twitterati commented:

“No $xrp fiat pairs? XRP should be the base currency! #XRPcommunity #XRPthestandard #XRPthebase”

 Twitter user, Lauri Kurki, also tweeted:

“Only BTC and ETH? Definitely missing #XRP in the first wave…”

According to the tweet by LCX, Michael Arrington, the Founder of TechCrunch is also a part of this venture. On August 15th, Michael Arrington tweeted about a startup office in Liechtenstein:

Arrington's post | Source: Twitter

Arrington’s post | Source: Twitter

Hours later, Changpeng Zhao posted in response to Arrington’s tweet, building curiosity of the onlookers in Twitter.

CZ's post | Source: Twitter

CZ’s post | Source: Twitter

The post Binance and LCX join hands, announces creation of crypto-fiat exchange platform appeared first on AMBCrypto.