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:
- Cryptocurrency exchange services (Allows Lirium to buy and sell cryptocurrencies to customers with either fiat or crypto funds)
- 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, knowledge and reputation to be able to properly manage regulated activities
The internationally recognised FMA of Liechtenstein, which is integrated into the European System of Financial Supervision, combats abuses, safeguards client protection and ensures the stability of the financial centre. The strict standards guarantee that companies regulated by FMA offer a high degree of security to their clients around the world.
Lirium’s team has been in the crypto industry since its inception and has accumulated vast expertise in blockchain, custodial and financial services, compliance, payment networks and cryptocurrency exchange markets. This team has built Xapo - one of the first and most successful Bitcoin wallets in the world (Coinbase acquired Xapo’s institutional custody business for $55 million in 2019). It developed and ran the key technology and operations, by which today Xapo is well recognised in the industry.
“We take client trust and reliability of our services very seriously, which is why Lirium is committed to state-of-the-art security, funds safeguarding, data protection and fraud prevention standards. 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. Our Chief Operating Officer Martin Kopacz, who was previously the Chief Compliance Officer of Xapo and our Chief Compliance Officer Yana Afanasieva, who has vast regulatory experience gained with PayPal, Amazon, BitFlyer and other industry leaders, made this happen. 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”, said Federico Murrone, the Founder & CEO of Lirium.
Federico has spent more than 25 years creating and operating companies in the FinTech sector. In 2013, he co-founded Xapo and served as its COO until 2020, when he decided to found Lirium.
“We are bridging the gap between services offered by the growing numbers of Neobanks and digital wallets and the ever-evolving cryptocurrency services. 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.”, he added.