The latest project from one of the founders of Xapo, Federico Murrone, has been given the go-ahead from the Liechtenstein financial regulator for his new company Lirium to provide a crypto solution to banks, financial firms and markets around the world.
The project, called Lirium, offers a plug-and-play back-end solution that aims to enable multiple partners—whether they are new banks, financial firms, or traditional banks—to include cryptocurrencies in their product offerings without bothering to develop technical capabilities or deal with compliance issues.
Lirium removes the need to manage crypto liquidity or implement their own security measures, as the solution manages the entire gamut of their organizational, technical, operational, and security needs. It is hoped that the provision of a structured back-end Lirum solution will remove barriers for many new banks, banks or markets that choose to enable their customers to securely buy, sell, send and store cryptocurrency.
Moroni emphasized that the goal of the solution is to help bridge the gap between the increasingly popular new banks, various digital wallets, mobile apps and the crypto sector.
Lirium’s approval by the Liechtenstein Financial Market Authority (FMA) will mean that its partners will not themselves need to obtain licenses in their jurisdictions. To get the green light from the FMA, Lirium was required to demonstrate its ability to meet a set of European compliance and legal standards that include data security, governance, protection of client funds and customer rights.
Some of these requirements require Lirium to separate all client funds from its own funds, undergo constant audits and oversight, and maintain a team that has been thoroughly vetted for its experience and reputation.
Along with Moroni, who is CEO of Lirium, the Lirum team includes Martin Kopacz, formerly Chief Compliance Officer at Xapo, who will be the company’s chief operating officer.
Liechtenstein The FMA was also supportive From Token Stock Offers in the European Economic Area and continues to establish the country’s well-established position as A Crypto and Blockchain Friendly Jurisdiction.