The Liechtenstein Cryptoassets Exchange (LCX) has partnered with Parity Technologies to establish new standards for security tokens and tokenized digital assets on Polkadot. According to a press release published on 1 September, the two companies will schedule “brainstorming sessions” and work together on LCX’s Polkadot-specific projects.
The exchange is currently in the process of building an infrastructure for security tokens and corporate, permission-based tokens on Polkadot. The standards, called The Liechtenstein Protocol, will be prepared for commercial use on the Polkadot Network. LCX will also use the standards to launch other commercial projects on Polkadot.
Parity Technologies, the company behind the Polkadot network, will guide LCX through the process and lead the company as it progresses through the research and development process.
The company will also advance Fire Salamander, its newly launched DeFi Terminal, and expand the system by building its future version on top of Polkadot’s Parachain technology.
“The future of decentralized finance (DeFi) is defined by products like Fire Salamander,” said Monty C. M. Metzger, the CEO and Founder of LCX. “LCX’s work on Polkadot is an important milestone in our efforts to utilize Polkadot’s Parachain technology to build a custom blockchain framework that is integrated within the Polkadot (DOT).”