The Liechtenstein Cryptoassets Exchange (LCX) announced in a press release from 19 July that it is entering into a strategic partnership with Hedera Hashgraph. LCX said it will be expanding its Liechtenstein Protocol for the Hedera Hashgraph network to establish a new standard for security tokens and tokenized digital assets. Hedera’s native cryptocurrency HBAR will also be listed on the LCX Exchange as part of the partnership, the companies said.
As part of the partnership, Hedera will leverage LCX’s infrastructure to expand its Hedera Token Service (HTS) with a new security token standard, which will enable LCX and its clients to issue and configure tokens on the Hedera platform, taking advantage of Hedera’s native performance, stability, and governance. When combined with LCX’s compliant token sale manager, HTS will offer a faster and more efficient alternative to smart token creation.
Monty C. M. Metzger, the CEO and Founder of LCX, said that there is an immediate need for practicable standards for digital securities—more and more businesses are seeking for ways to simplify the process of issuing security tokens, raising funds, and establishing new blockchain-based financial instruments.
“LCX’s partnership with Hedera Hashgraph is an important milestone in our efforts to digitize traditional processes and help spur innovation in this critical industry segment for the decades to come,” he said in the company’s press release.