LCX has announced a strategic partnership with Polkadot to bring about a new standard for security tokens and tokenized digital assets according to a press release. Notably, Parity Technologies, the building foundation of Web 3.0, will guide the partnership.
The company plans to bring about the security token standard and parachain for the LCX DeFi terminal. Monty C. M. Metzger, CEO of LCX said they are the first known parachain candidate led and created by the core team of a centralized exchange within the Polkadot ecosystem.
Bringing Security and Corporate Tokens to Polkadot
LCX is coming up with an infrastructure for security tokens and corporate tokens on Polkadot. The company will make this possible through the Liechtenstein Protocol, the first step to creating a decentralized compliance protocol for security tokens. The protocol offers solutions to the challenges currently limiting the growth of digital securities such as private securities issues, transfer, or trade.
Liechtenstein also introduces a regulatory framework, the Blockchain Act, that will bridge the gap existing between the physical and digital world. In addition, it will define critical roles surrounding the value chain of tokenization. Polkadot will benefit significantly in launching commercial projects through the protocol.
Fire Salamander Functionality
The other functionality that LCX brings to Polkadot is the Fire Salamander. On 12 August, the company unveiled the Fire Salamander upgrade, the LCX Terminal 2.0. It prides itself on being the most potent DEX Aggregator in the market. With the upgrade, it looks set to hold this position for a while.
Polkadot provides the perfect opportunity for LCX to build on its parachain technology and expand Fire Salamander even more. Parachains are the final core functionality to Polkadot, allowing it to realize its scalable multi-chain architecture.
With parachains in place, LCX can experience specialization and flexibility, scalability, interoperability, and governance on the network.
Parity Technologies Support to the Partnership
The LCX and Polkadot partnership, as mentioned before, will be 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 sessions will allow both parties to exchange and discuss technical and high-level issues concerning LCX and Parity management teams. The team will also ensure technical support for the Fire Salamander parachain.
Polkadot is a platform founded by Web3 Foundation. It is a scalable, interoperable and secure network protocol for the following web. Parity is a global team consisting of top distributed systems engineers, solution architects, cryptographers, and researchers behind Web 3.0.
LCX: Prosperity to Crypto Trading
LCX.com is a regulated and secure fintech company that focuses on digital asset trading, tokenization, and token offerings. LCX exchange, on the other hand, is a safe and regulated platform for exchanging and storing digital assets.
LCX was founded in 2018 and had headquarters in Vaduz(Liechtenstein) and branches in Crypto-Valley Zug (Switzerland) and New Delhi (India). For more information follow @LCX on twitter.