Lirium, which offers plug & play cryptocurrency solutions for banks, announced that it has gained the status of a blockchain service provider from Liechtenstein’s Financial Market Authority (FMA).
The company can now offer cryptocurrency exchange services, provide pricing services as a market maker and offer token depository services as a custodian.
“We have worked closely with the FMA of Liechtenstein to satisfactorily complete the assessment process, and it is with huge pride that we announce the formal approval,” said Federico Murrone, Founder and CEO of Lirium.
“This brings us closer to achieving our goal of making it simple and convenient for people around the world to have access to crypto through the apps they already use for their daily needs.”
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Rising Demand for Crypto Services
Lirium targets neobanks and fintech companies with its services, allowing them to add cryptocurrency services without going through the technicalities or compliance 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,” the company explained.
Founded by former Xapo employees, Lirium entered the market when traditional financial services companies were jumping into cryptocurrencies, given the high retail demand. Lirium is targeting these companies with its regulated services.
The oversight by the Liechtenstein regulator will ensure the company does not mix its own funds with client deposits. Additionally, it will have to conduct regular audits, and its technology will have to go through security checks, ensuring the safety of funds.
“We are bridging the gap between services offered by the growing numbers of Neobanks and digital wallets and the ever-evolving cryptocurrency services,” Murrone added.
“Both of these industries in recent years have changed the way how regular people around the globe use money, and it’s about time to combine these services and better meet the needs of common customers.”