The Financial Markets Authority Liechtenstein has approved Lirium AG as blockchain service provider. The licenses allow Lirium to provide cryptocurrency exchange services, pricing services, and custody services.

Lirium AG has received approval from the Financial Market Authority (FMA) of Liechtenstein as a blockchain service provider. The company offers a plug & play cryptocurrency solution for banks, digital wallets, and marketplaces. Lirium’s was founded by Federico Murrone, a Xapo co-founder. Coinbase acquired Xapo’s institutional custody business for $55 million in 2019.

With the FMA approval, Lirium can now offer the following services:

  • Cryptocurrency exchange services
  • Pricing services (allows Lirum to be a market maker)
  • Token depository services (allows Lirium to offer crypto custody services)

Lirium aims to streamline the integration of crypto services by banks. It works with partners such as Neobanks and FinTechs that already provide financial services to their customers and enables them to add cryptocurrency to their product offerings without them having to develop technical and compliance capabilities. It’s kind of a crypto-as-a-service offering, where partners of Lirium do not have to manage cryptocurrency liquidity or security aspects, offer crypto custody or understand how to manage blockchain transactions.

“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”, says Murrone.

FMA ensures high-quatlity standards

Working with Lirium gives companies several advantages: They can offer access to cryptocurrencies without developing their own infrastructure and can add a new revenue stream. They also don’t need any local licenses or deal with security or regulatory oversight.

Integrating Lirium’s FMA-regulated solution means that customer funds will be segregated from Lirium’s own funds and will be subject to the safeguarding requirements by the FMA. The FMA approval also makes Lirium subject to ongoing external audits and supervisory oversight. Lirium clients also benefit from the European standards concerning customer rights, privacy, security, and access to information.  

“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,” said Murrone. “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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