Client Spotlight: LCX
LCX (Liechtenstein Cryptoassets Exchange) is providing the perfect platform for people to issue their own crypto tokens and provide tools to help manage the whole process. Before diving into the main topic of LCX, let’s quickly break down some terminology that’s foundational to what will be discussed.
Explaining ICO & Crypto Tokens
An ICO (Initial Coin Offering) is the crypto equivalent of an IPO (Initial Public Offering). ICOs are a great way for companies to raise funds for projects that are tied to cryptocurrency. When buying into an ICO, the investor will receive a cryptocurrency token. This token could have some utility or symbolize a stake in the company.
In order to get an ICO successfully started, a person should find a reputable trading venue that will host the token. This is where LCX comes into the picture.
Company Breakdown: LCX
LCX is a financial technology company based out of Liechtenstein. Being a regulated token issuer, LCX is the perfect platform for people to issue new crypto tokens and offer ICOs, both private and public. The company is fast-growing and currently sits in the top50 of Crypto Valley. So far, LCX has received 8 blockchain approvals by the Liechtenstein Regulator. According to Monty Metzger, founder of LCX, they have received more blockchain approvals than any other company in the country.
Let’s dive into the features that LCX provides to the people that use its platform.
Token Sale Manager
LCX offers a wealth of tools to maximize your token sale management. Through the LCX platform, people can generate new tokens, securely host their important investor documents (whitepapers, etc.), view investor analytics, collect wallet addresses for distribution of tokens post-sale, and more. Utilizing these tools will assist anyone in managing a great crypto token project.
For instance, putting together a white-paper is essential for promoting a project and rallying support to buy tokens that will support the project tied to it. White-paper is one of the ways to create great communication for your crypto project, and that’s what investors care about. Visit https://www.lcx.com/token-sale-manager/ for a full exploration of their services.
Before joining the platform, people will have to send in an application that will be reviewed by the LCX team. According to the token sale manager page, the company prides itself on selecting the most “promising and innovative ideas in the crypto space.” Visit this page to send in an application.
LCX takes a very rigorous approach when it comes to reviewing applications. To shed light on this process, Sumit Sagar, product marketing manager for LCX, said, “LCX prides itself very much in its rigorous due diligence process before deciding to work with a project for launching their token. This is done to protect the investors who have signed up at LCX from any malicious projects and scams.”
Below you can find the criteria that they use to review an application:
- Project team: What are the long-term goals of the team, and how will they steer themselves toward a successful future?
- Project Technical Background: LCX is looking for teams that are experienced and innovative in the world of crypto.
- Project Ethics & Vision: LCX believes that no matter how valuable a project may seem, a weak go-to-market strategy can negate everything.
- Project Community: The state of a project’s community is very important. They ultimately decide how a project will perform.
- Project Regulatory Framework: Looking at the company’s legal setup and whether it meets compliance requirements of where the project is registered.
Building Legitimacy in the Crypto Space
That last part mentioned ways that LCX is combating scams. Crypto is a fast-growing industry and many laws and regulations are still being put into place to properly regulate it. Some people take advantage of this to produce their own malicious crypto projects in hopes of scamming unsuspecting users. This in part has given crypto a shady and uncertain look, which has been a challenge for LCX to overcome. According to Sagar, LCX builds legitimacy by obtaining the proper legal licenses and seeking counsel from trusted business advisors.
With new businesses and projects launching on a daily basis, it can be difficult to establish a solid foothold in the crypto market, but Sumit Sagar provided some advice on how to be successful.
- Be as unique as possible. Take a look at what your competitors are not doing.
- Constantly market your company and product(s). The most promising projects can be easily forgotten by not maintaining a strong presence
- Grow your company by networking with others in the industry
- Nearly every trader/crypto investor are opting for mobile apps over desktop, so make sure to have a working app
- Offer value to your users to create a strong, lasting community
Outside of BillboardsIn, LCX has utilized other marketing methods in the past, most notably podcast sponsoring and releasing posts on their Twitter. Follow them on their socials for any future developments.