LCCX, a London based cryptocurrency exchange that aims to be fully regulated by the FCA launched it’s initial coin offering (ICO) on Monday 13th March and raised it’s first £1m in less than two days. The company plans to bring trust to the secretive world of cryptocurrency exchanges by being regulated by the Financial Conduct Authority (FCA) which it’s self has just granted American based exchange Coinbase an e-money license allowing it to operate in the UK.
Cryptocurrencies are become more popular over the last 12 months and now there’s millions of investors around the world with thousands based in London. The problem has been that until now there was no regulated business where consumers could purchase Bitcoins or other cryptocurrencies with. The market it very secretive with most exchanges not displaying basic company information or address on their website leaving consumers very miss-trusting of buying and holding investments with these websites especially when stories of hacks and stolen funds keep being published.
LCCX aims to address the current industry issues of trust and safety of funds by a mix of solutions including becoming regulated by the FCA, insuring clients funds against hacks and posting it’s company details and address on it’s website. After seeing first hand that many exchanges don’t reply to clients support tickets for weeks or months, LCCX also plans to offer 24/7 support to clients meaning they no longer have to wait weeks for a response.
The company has been founded by a Tech City entrepreneur and an ex-FCA lawyer with the mission of making LCCX the most trusted crypto exchange in the world and feel London is the perfect place to be centre of the cryptocurrency exchange market.
The proposal LCCX has made to the market has been well received with investors sending over £1m in the first 48 hours of the ICO going live. LCCX founder Robert Benwell said, “We’ve only done a limited amount of marketing in the last couple of weeks and didn’t expect to get off to such an fast start. I feel we provide the solution every investor and trader has been demanding for months and I think the investment so far proves that. Our ICO runs for another 46 days now so I’m confident we’ll raise the full £5m we were looking for.”