LCX has announced a strategic partnership with Polkadot to create a new standard for security tokens and tokenized digital assets, according to a press release. In particular, Parity Technologies, the basis of Web 3.0, will lead the partnership.
The company plans to introduce the security token standard and parachain for the LCX DeFi terminal. Monty CM Metzger, CEO of LCX, said they were the first known Parachain candidate to be managed and created by the core team of a centralized exchange within the Polkadot ecosystem.
Bring security and corporate tokens to Polkadot
LCX is developing an infrastructure for security tokens and corporate tokens on Polkadot. The company will make this possible through the Liechtenstein Protocol, the first step towards creating a decentralized compliance protocol for security tokens. The protocol provides solutions to the challenges currently limiting the growth of digital securities, such as: B. private security issues, transfers or trading.
Liechtenstein is also introducing a regulatory framework, the Blockchain Act, which bridges the existing gap between the physical and digital world. In addition, critical roles around the tokenization value chain are defined. Polkadot will benefit greatly from starting commercial projects through the protocol.
Fire salamander functionality
The other functionality that LCX brings to Polkadot is the fire salamander. On August 12th, the company introduced the Fire Salamander upgrade, the LCX Terminal 2.0. It prides itself on being the most powerful DEX aggregator on the market. With the upgrade, it looks like it will hold that position for a while.
Polkadot offers LCX the perfect opportunity to build on its Parachain technology and expand Fire Salamander even further. Parachains are the final core functionality of Polkadot that enables it to implement its scalable multi-chain architecture.
With Parachains, LCX can experience specialization and flexibility, scalability, interoperability and governance in the network.
Parity Technologies support the partnership
The partnership between LCX and Polkadot, as mentioned earlier, is supported by technical guidance from Parity Technologies.
Parity and LCX are setting up brainstorming sessions to conduct general research and develop the Securities Token Standard Protocol. The meetings will allow both parties to share and discuss technical and high-level issues related to LCX and Parity management teams. The team will also provide technical support for the fire salamander parachain.
Polkadot is a platform established by the Web3 Foundation. It is a scalable, interoperable and secure network protocol for the following web. Parity is a global team of top distributed systems engineers, solution architects, cryptographers and researchers behind Web 3.0.
LCX: Prosperity for Crypto Trading
LCX.com is a regulated and secure fintech company focused on digital asset trading, tokenization and token offerings. LCX Exchange, on the other hand, is a secure and regulated platform for exchanging and storing digital assets.
LCX was founded in 2018 and had its headquarters in Vaduz (Liechtenstein) and branches in Crypto-Valley Zug (Switzerland) and New Delhi (India). Further information follows @LCX on twitter.