Lykke Will Only Support Bitcoin Cash Node (BCHN)
On November 15, 2020, around 12:00 PM UTC the Bitcoin Cash (BCH) network will undergo a protocol upgrade that will split the chain between Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN). Lykke formally announces that it will only support Bitcoin Cash Node. This means that the BCH held on your Trading Wallet at the moment of the fork will be converted to Bitcoin Cash Node (BCHN) using the same ticker symbol “BCH”. What will happen to my Bitcoin Cash ABC (BCHA)? It is important to point out that Bitcoin Cash ABC (BCHA) will not be supported right after the fork. If you wish to claim your BCHA coins after the fork, we kindly suggest you to cash out your BCH before the 14th of November at 12:00 PM UTC. At the moment we are not planning on listing BCHA on Lykke Exchange, we will evaluate the situation after the fork and decide what is best for our users. This is what users can expect to happen: BCH deposits, withdrawals, and trading will be halted from the 14th of November at 12:00 PM UTC. All active BCH orders will be canceled. BCH deposits, withdrawals, and trading will stay disabled until the fork is completed and our development team believes it is safe to enable normal operations. Bitcoin Cash Node coins will be called “Bitcoin Cash” on our platform and represented by the ticker symbol “BCH”. Index market making will run with reduced volumes and increase spreads during that time. We would like to clarify that by only supporting Bitcoin Cash Node, we will not support any type of wrongly cross-chain deposits. Should you have any further questions, please do not hesitate to contact us at firstname.lastname@example.org
Lykke’s mission more important now than ever
Zug, Switzerland. – Nov 11, 2020. The Swiss start-up Lykke is getting closer to the approval for its license by the FINMA, the Swiss Financial Market Supervisory Authority. This license opens the possibility to operate as a securities trader and an organized trading facility at a time when a radical redesign of the financial system is drastically needed. It is becoming increasingly obvious that the existing financial systems and structures are no longer suitable to reflect the needs of modern society, politics and economies. Individuals, businesses and governments are all struggling with the inefficiencies of the current infrastructure, especially in times of crisis where quick actions are needed. Fortunately, Lykke has the answer to this problem. Lykke is a Swiss-start up whose vision is to use new blockchain-based technology to digitally tokenize assets of any kind. This will make any asset tradable and instantly accessible to anyone with a smartphone or computer. With Lykke, soon the everyday consumer will soon be able to buy any fraction of any share in a few clicks from anywhere; ⅓ of Nestlé? 1/10 of Apple? Whatever you want. The company’s Founder and CEO, Richard Olsen, is a pioneer in high-frequency trading (HFT). He co-founded the globally renowned OANDA, the first fully automated FX trading platform offering second-by-second interest rate payments. Olsen says “At Lykke we feel that the entire financial system needed to be changed. So far the system has only increased inequalities, preserved inefficiencies and fostered differences across societies. That’s why we are going to offer a new digital solution for a digital world. Tokenisation will be the arteries of this new system, allowing every organ of society to access the vital resources that nourish the system” explained Olsen. Crucially this will all be within the existing regulatory framework which guarantees the safety of the system, but also the buy-in from governments and regulators. Recently Lykke announced significant steps in its application process for the regulatory approval of its license, and an opportunity for interested investors to take part in their project (LINK). The revolution that Olsen has seen as inevitable for all of his 25 years of experience in the financial world maybe sooner than you think. About Lykke Lykke is a Swiss-based global fintech firm that utilizes blockchain and emerging technologies to provide solutions for consumers, investors, and corporations. By leveraging the power of a broader ecosystem, Lykke’s platforms eliminate barriers to market entry, solve inefficiencies within current economic systems, and democratize access to digital asset marketplaces. Learn more about Lykke’s work by visiting the website and following Lykke on Twitter and LinkedIn.
Lykke FINMA application in an advanced stage
Zug, Switzerland. – Nov 6, 2020 – Lykke Corp, the Swiss-based fintech firm and builder of marketplaces for digital financial assets, has taken significant steps closer to its vision of a more democratic and accessible financial system. Lykke has filed an application with the Swiss Financial Market Supervisory Authority (FINMA) for being licensed as a securities house and bilateral organized trading facility. The proceedings with FINMA regarding the granting of the license have reached an advanced stage. Soon, people in the street will be able to buy tokenized and fractional shares in companies and other assets listed on traditional stock exchanges whenever they want for 1, 2, 3 CHF - you name it. The unique Lykke blockchain-based infrastructure will be the means by which a seat at the table is finally opened up to the public. All the features of old and outdated technology that drives up costs and build barriers to the everyday user are eliminated while all the security and protection of regulatory compliance is retained. In line with these developments, Lykke will now begin a capital raising exercise, providing a unique investment opportunity on a first come first serve basis. For more information about this investment opportunity, please contact: email@example.com About Lykke Lykke is a Swiss-based global fintech firm that utilizes blockchain and emerging technologies to provide solutions for consumers, investors, and corporations. By leveraging the power of a broader ecosystem, Lykke’s platforms eliminate barriers to market entry, solve inefficiencies within current economic systems, and democratize access to digital asset marketplaces. Learn more about Lykke’s work by visiting the website and following Lykke on Twitter and LinkedIn. For more information please feel free to contact us at firstname.lastname@example.org.
Richard Olsen's statement in response to a recent article published about Lykke
As CEO of Lykke, I am both personally and professionally disappointed at the article published this morning on Insideparadeplatz which is lacking in factual accuracy and threatens to derail the Lykke project, the security of our staff, and, most importantly, our customers based on hearsay and rumour. The author of the article contacted me in the past days with several queries related to the content of the article published this morning. Far from being defensive, I in fact offered to meet him for a one-on-one interview to provide the clarity sought on these issues once and for all, and to show that Lykke has nothing to hide. I noted, owing to several commitments, my preference if this interview could take place during the upcoming week so that these matters could be treated properly and with the time needed to provide clarity. Unfortunately, I received no response from the author and instead see that the article has been published today without the required clarification. While we have several pressing strategic matters that require the full attention of myself and my team, I would still like to take this opportunity to engage some of the items mentioned in this article. Firstly as it relates to staff matters, it is factually incorrect that all employees have been served their notice as stated by the author. Owing to strategic transformation and restructuring in compliance with applicable laws several employees have either left Lykke or are in the process of leaving. Similar to any organisation, in particular fintech start ups, this is not the first time we have parted ways with staff members and unfortunately, it is unlikely to be the last. The current restructuring phase is still ongoing and we will have further staff departures by the end-November: all affected staff are aware of this and everything has been handled within the applicable laws and regulations. Some of the staff that Lykke parted ways with were indeed senior members of leadership. As any CEO will attest to, it is not unusual, but rather a reality of doing business: it is not the first time and it is unlikely to be the last. In short, there is nothing incorrect or unusual at hand in this regard, despite the indications of this article. Secondly, in regards to the status of investment and the financial situation of Lykke, under my leadership, we have always been transparent about our finances insofar as has been permitted under laws and regulations. The author makes reference by name to specific individuals and specific investment amounts. The amount of investment referenced here is factually incorrect. Of course, as any professional operating in the financial industry knows, we are not permitted to share details about individual investors or their respective investments owing to prevailing laws about privacy, amongst others. The balance sheet extract illustrated in the article is public information that has been published by Lykke on our website and communicated regularly to coinholders in detail at our annual meetings. The author infers that there is a funding gap of 40 million CHF which is again factually inaccurate and deeply misleading. The investment capital funding that Lykke has received has been overstated by the author and again, the specific liabilities to investors inferred in the article do not in fact exist at all. In relation to the immediate financial situation, it is true that the September salaries of the staff were paid after receiving a capital injection from investors. Lykke makes no secret of the fact that we are still leaning on investment to fund our efforts: this is the norm, not the exception for fintech start ups such as Lykke. Thirdly, Lykke has from the outset strived for operating as a regulated entity and applied to FINMA for a license as a securities trader and organised trading facility. Lykke is very close to getting such a license. Many competitors with much more funding have not come that far. Lykke welcomes public scrutiny and values the contribution of independent and inquisitive journalism to driving progress. With this in mind, while I find the contents of this article damaging and disappointing in its lack of grounding in facts and research, it serves to highlight the fact that Lykke has nothing to hide and will continue to place transparency and democratization of information at the heart of our mission. Richard Olsen CEO Lykke
Charles Cascarilla joins the Steering Committee of The Open Initiative
Zug, Switzerland. – September 3rd, 2020 – The Open Initiative announces the appointment of a new member for the steering committee, Charles Cascarilla. The Open Initiative is a web-platform that aims to enhance the financial system by equipping businesses and governments with new tools and services. To do this, the team funds and incubates innovative solutions by awarding four grants, each worth of 50’000 CHF, in four areas: a digital vouchers platform; supply chain solutions; a real-time, economic IT system; and research initiatives. “Thrilled to work together with Chad. He is one of the few people, who as an entrepreneur and thought leader is working to move traditional financial markets to blockchain. He is a big asset to the Open Initiative”, said Richard Olsen, the CEO and founder of Lykke. About Charles Cascarilla Charles Cascarilla is the CEO and co-founder of Paxos, a regulated financial institution building infrastructure to enable movement between physical and digital assets. By building infrastructure to enable the movement between physical and digital assets, Paxos is creating a future where all assets—from money to commodities to securities—are digitized and can move instantaneously 24/7. Charles co-founded institutional asset management complex Cedar Hill Capital Partners in 2005 and its venture capital subsidiary, Liberty City Ventures, in 2012. Earlier in his career, Charles was a portfolio manager at Claiborne Capital and worked at both Bank of America Securities and Goldman Sachs. Charles is a founding member of the Association of Digital Asset Markets (ADAM), a private organization of member firms seeking to build a safer, stronger and more efficient digital assets marketplace. He also serves on the board of several charities and private companies including ALS Biopharma, Project ALS, and The Centurion Foundation. He also sits on the Governing Board of the Hyperledger Project. Charles holds a B.B.A. in Finance from the University of Notre Dame and is a CFA charter holder. About the Open Initiative The Open Initiative is a web-platform that aims to enhance the financial system by equipping businesses and governments with new tools and services to unlock resources at the service of the people and their governments. Learn more about The Open Initiative by visiting the website. About Lykke Lykke is a Swiss-based global fintech firm that utilizes blockchain and emerging technologies to provide solutions for consumers, investors, and corporations. By leveraging the power of a broader ecosystem, Lykke’s platforms eliminate barriers to market entry, solve inefficiencies within current economic systems, and democratize access to digital asset marketplaces. Learn more about Lykke’s work including The Open Initiative – to fund and incubate solutions for the global supply chain, and following Lykke on Twitter, Facebook, and LinkedIn.
Sandra Ro, the CEO of the Global Blockchain Business Council (GBBC) joins the Steering Committee of The Open Initiative
Zug, Switzerland. – August 27, 2020 – The Open Initiative announces the appointment of a new member for the steering committee, Sandra Ro. The Open Initiative is a platform that aims to enhance the current financial system by providing businesses and governments with new innovative tools and services. The Open Initiative funds and nurtures innovative solutions by awarding four grants, each worth of 50’000 CHF, in four key areas: a digital vouchers platform; supply chain solutions; a real-time and economic information system; and research initiatives. “Sandra Ro combines the experience of traditional financial markets with a clear view of what needs to be done to trigger the blockchain transformation of society. Just thrilled to have Sandra join our steering committee, she belongs to the select group of people, who are the real movers and shakers in the space.” said Richard Olsen, the CEO and founder of Lykke. About Sandra Ro Sandra was appointed CEO of the Global Blockchain Business Council (GBBC) in March 2018, a Swiss non-profit focusing on education, advocacy & partnership across over 50 countries. She was appointed and serves on the NYS Digital Currency Task Force, the US Department of State Speakers’ Bureau for blockchain/security, the Blockchain for Public Funds, EU and Member States Recovery Plans & European Green Deal, the Post Trade Distributed Ledger (PTDL) Group Organising Committee, the Astana International Financial Centre’s (AIFC) Fintech Advisory Council of Kazakhstan, the Global Blockchain Policy Council (GBPC), founded by bipartisan South Korean Congress, and the World Economic Forum (WEF) Digital Currency Governance Working Group. Previously, she served as a former Treasurer and founding board director of the Enterprise Ethereum Alliance (EEA) and founding member of the Post Trade Distributed Ledger Group (PTDL), founding member of Linux Foundation’s Hyperledger. Sandra was also founder and former Executive Director, Digitization Head, CME Group, where she was responsible for the company’s digital asset and blockchain/distributed ledger technology (DLT) initiatives, including CME CF Bitcoin futures & index pricing products and post trade solutions. Previously, she served as Head of Foreign Exchange (FX) & Metals Research and Product Development. Ro holds an M.B.A. in Finance from London Business School, studied Computer Science at Columbia University, School of Continuing Studies, and earned a double B.A. degree in History and Studies in the Environment from Yale University. About the Open Initiative The Open Initiative is a web-platform that aims to enhance the financial system by equipping businesses and governments with new tools and services to unlock resources at the service of the people and their governments. Learn more about initiatives by visiting the website. About Lykke Lykke is a Swiss-based global fintech firm that utilizes blockchain and emerging technologies to provide solutions for consumers, investors, and corporations. By leveraging the power of a broader ecosystem, Lykke’s platforms eliminate barriers to market entry, solve inefficiencies within current economic systems, and democratize access to digital asset marketplaces. Learn more about Lykke’s work including The Open Initiative – to fund and incubate solutions for the global supply chain, and following the Lykke on Twitter, Facebook, and LinkedIn.
The Value of Bitcoin
Unless you took the self-isolation to the extreme and you ended up practicing social media abstinence, you are assumedly aware of some of the recent events that allegedly led Bitcoin to the all-time highs we are all currently enjoying. So take a big breath while we break down the recent events of the crypto world and what they mean.
FCA - New Regulations Explained
The FCA created a Temporary Registration Regime to concede existing crypto-asset firms, which have applied to be registered with the FCA, to continue trading. It is important to note that this Temporary Registration Regime is only available to existing crypto-asset firms which have applied for registration before December 15th, 2020. New firms will need to obtain full registration with the FCA before conducting business.
What is a crypto-fiat gateway?
A fiat gateway is a combination of words that you will frequently hear if you decide to enter the cryptocurrency world and buy Bitcoin or other cryptocurrencies in a crypto app. To understand its meaning and function, you have to understand what fiat means. Fiat means simply conventional money, it refers to national currencies the government’s issue not backed by any commodity. It derives from the Latin word fiat (from “facere” - make/do, present passive subjunctive “let it be done”) and we can assume that it implies a deal - let it be done!
What is a Coin Burn?
As new tokens are mined and enter circulation every day, cryptocurrencies need to ensure that the market is not oversaturated with supply. After all, prices in the digital currency market are almost entirely dictated by the economic principle of supply and demand.
Reflection on the Journey
September 26th was a very significant day for us since we celebrated our 5th anniversary. With having some time to reflect on what has been done in our journey, we are more than grateful to all our customers, community members, investors, stakeholders, and friends who despite the ups and downs from the bumpy road, remain true to our dream.