Crypto Mania: London-based cryptocurrency exchange raises £1m within 48 hours

Mar 19, 2018 ·

30643 bitcoin

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 its 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 becoming more popular over the last 12 months and now there are 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 is 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, ensuring 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.

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