Lirium AG, a company offering plug & play cryptocurrency solution for banks, digital wallets and marketplaces around the globe, has received the formal approval by the Financial Market Authority (FMA) of Liechtenstein as a blockchain service provider to perform the following services:
- Pricing services (Allows Lirum to set its own prices and be a “market maker” meaning that Lirium does not need to rely on available quotes from others and can always be the counterparty for each end-customer that buys or sells cryptocurrency)
- Token depository services (Allows Lirium to be a professional custodian of customers’ cryptocurrency funds which protects customer funds from counterparty or bankruptcy risks)
Lirium’s specific focus is on enabling its partners, such as Neobanks and FinTechs who already provide financial services to their customers to add cryptocurrency to their product offerings without having to develop technical and compliance capabilities. It offers a unique and free plug & play solution that covers all-encompassing regulatory, technical, operational and security needs. The partners of Lirium do not have to manage cryptocurrency liquidity or security aspects, offer crypto custody or understand how to manage blockchain transactions.
Banks, digital wallets and marketplaces around the globe can now give their own customers the ability to buy, sell, receive, send and store cryptocurrencies in their own mobile apps through an easy integration at the backend level, while keeping full ownership and control of their customer experience.
This solution makes it extremely straightforward for any, even smaller operators, to start offering access to cryptocurrencies to their customers and add a new revenue stream for their business, without the need to obtain local licenses or shoulder the burden of security, operative and regulatory oversight.
Safekeeping clients’ funds and executing transactions on behalf of clients is a regulated activity in most jurisdictions. This means that Lirium, as an authorized and regulated entity, must meet very stringent European compliance and legal standards with respect to Information Security, Governance, Customer Funds Safeguarding and Customer Rights.
Integrating Lirium’s FMA-regulated solution means that:
- Customer funds will always be segregated from Lirium’s own funds and will be subject to strict safeguarding requirements
- Lirium has all the necessary resources to carry out regulated activity and is subject to ongoing external audits and supervisory oversight
- All Lirium clients benefit from very strict European standards with respect to customer rights, privacy, security and access to information about Lirium’s activities
- All core members of the Lirium team in charge of key positions have been vetted as individuals with sufficient experience,…