Interest in Bitcoin and other cryptocurrencies has been soaring over the last year or so, largely due to the stunning rise in price for Bitcoin, but also because cryptocurrencies are becoming more and more acceptable in the financial sector. This has led to many new and first-time investors and buyers from all over the world, and therefore there has also been an increase in the number of regulators and exchanges that are opening up in order to facilitate these transactions, as well as safeguard people’s interests. On those lines, it has been interesting to note the creation of a new cryptocurrency exchange in Liechtenstein.
The Liechtenstein Cryptocurrency Exchange, better known as LCX.com, recently announced the launch of its digital currency exchange, which will be a regulated one following new laws in Liechtenstein. At the moment, users will be able to trade in Bitcoin, Ethereum, USD Coin and the LCX token, but more digital and cryptocurrencies will be added in the future. The exchange will also utilise LCX’s other crypto portfolio assets, such as its LCX Terminal, LCX DeFi Terminal and its compliance suite. With the approval of new cryptocurrency and blockchain laws in Liechtenstein, LCX became the first company to gain approval of new licenses to operate, securing eight licenses on 30th December 2020. Some of these licenses include compliant crypto exchange, digital assets and crypto custody, reliable price oracles, KYC, AML and crypto compliance services for tokenization and other blockchain projects, smart contract creation and delivery, and a token generation platform. All of these services will soon be available on the LCX exchange platform, making it one of the first exchanges in the crypto space to offer services akin to those available for investments in traditional asset classes.
This comes at a time when the price of Bitcoin surged above $30,000 for the first time, and then crossed $38,000 in a few days as well. It has currently fallen from those highs, trading at around $35,000, but that is still a huge increase over the same time last year, when the price of Bitcoin was hovering around $7,000. On an annual basis, Bitcoin rose by more than 300%, and if we look at the lowest point of the year, when Bitcoin was trading at around $2,800, it is an even bigger increase. All of this has led to a huge increase in demand for Bitcoin and cryptocurrencies in general, and being finite in supply, this is also one of the factors leading to this stunning price rise. At the same time, this price rise has also led to an increase in online merchants and service providers who are willing to accept bitcoin as a payment option. Again, this is beneficial, as it provides users with more options to spend their crypto should they wish to, and therefore also increases the attractiveness of cryptocurrencies, thereby further improving demand. Online casinos have been at the forefront of this, as they provide users with the option to pay and receive winnings through cryptocurrencies. A crypto exchange would also help their users, as those playing at a dogecoin casino or other crypto casinos would be able to play for other currencies as well. The popularity of online gambling has only increased ever since such crypto casinos were introduced, and this trend is likely to continue in the future, making such crypto exchanges even more crucial for those who want to use or invest their money by picking up a diversified set of cryptocurrencies.
The LCX exchange is bound to be a game-changer in Liechtenstein, and people from all over the world will be looking at its progress to see if it is something which can be implemented in their own country as well.
