LCCX Basic Review
|Start ICO||12 Mar 2018|
|End ICO||30 Apr 2018|
Name: LONDON CRYPTO CURRENCY EXCHANGE (LCCX)
Ticker symbol: LXT
Project type: Cryptocurrency exchange
Extended company description: LCCX is a crypto exchange that will be fully regulated by the Financial Conduct Authority (FCA).
Company: LCCX Limited
Public ICO start: 12.03.2018
Public ICO end: 30.04.2018
Token sale duration (weeks): 7
Token type: ERC20
Token emission: 100,000,000
Tokens available (Pre-Sale + Public ICO): 60,000,000
Price: 1 LXT = 0.15 USD
Accepted currencies: BTC, ETH, LTC, BCH, GBP
Bounty: Program starts March 1st, 2018; the program is active until April 1st, 2018.
Token role: Functional
Team (number of people): 7
Advisors and partners (number of people): 5
LCCX is a crypto exchange that will be fully regulated by the Financial Conduct Authority (FCA). LCCX aims to become the world’s most reliable crypto exchange, with 24-hour technical support.
The project will provide the facility to place 60-75% of client funds offline in cold storage (storing assets on separate offline physical media).
LCCX will provide the opportunity to trade more than 200 coins of various platforms, popular crypto and traditional currencies.
A legal entity is registered in London; the project team is also based there.
Simon Cocking (LinkedIn) - Advisor to Iconic Ecosystem, JOLYY, LOVE Token, Alcaeus Labs, Friendz, MediChain, editor of CryptoCoin.News.
Tobias Schulz (LinkedIn) - Investment manager at High-Tech Gründerfonds, previously head of operations at Fashionette GmbH, founder and managing director of two enterprises in the fashion and fintech Industries.
Rumen Slavchov (LinkedIn) - Manager of the marketing team at TOP ICO ADVISORS, member of the advisory board of OTPPAY, AMONTECH, PR, IR, marketing manager and ICO advisor at KEPLERTEK LTD.
Viktor Petrov (LinkedIn) - CEO of TokenGet - Turnkey ICO Solution, Blockchain Mob, vice president of sales at ArtShard, co-founder of Narcine.
Giacomo Arcaro (LinkedIn) - Advisor to LibertyLance, Profede, ICO vision, founder of ICO booster.
Attracted investment: $1.5 million was raised during the private pre-sale.
The project is based on the development of a crypto exchange in the UK. The exchange will comply with UK legislation and accept payments worldwide.
Strengths of the project:
- The project is entering a dynamically developing market.
- The project team has held a private pre-sale, raising $1.5 million.
Weaknesses of the project:
- The team includes no trading specialists.
- There are no specialized advisors or partners.
- The project is not yet sufficiently well-known in the blockchain community.
- There is no MVP.
Market and industry
Currently, the total capitalization of cryptocurrency is $348 billion (March 22, 2013).
The founder of Galaxy Investment Partners predicts that capitalization of cryptocurrency by the end of 2018 will reach $2 trillion (more than 5.7 times’ growth).
Regarding crypto payments, Juniper Research predicts that their volume will exceed $1 trillion by 2020. In 2017, volume of transactions was about $2 billion.
According to the team, the main criteria for users to choose this exchange are as follows:
- Availability of a variety of assets on the exchange
- Size of fees and commissions.
Comments: The team’s analysis is centered on user problems. As such, an analysis of the market itself is not presented. However, the market clearly demonstrates high growth rates, which will enable the project to occupy its niche.
The team identifies the following competitors:
Binance - a platform for crypto trade.
Bitfinex - a crypto exchange which also enables currency purchase using US dollars.
Bittrex - a platform for crypto trade which also acts as a wallet.
YoBit - a platform for crypto trade which also accepts US dollars.
Kucoin - Hong Kong-based crypto exchange launched in September 2017.
Coinexchange.io - a crypto exchange.
Summary: According to a project representative, LCCX has no direct competitors in the UK. However, large exchanges such as Binance or Bittrex have global coverage. The team is actively working with the FCA (British regulator), which offers a competitive advantage in the UK market. According to the white paper, several traditional currencies will be supported.
Engineering features of the platform
The platform will include the following components and services:
- A matching engine.
- Different types of asset.
- Marketing services.
- 24-hour user support.
- Multi-language support.
- Support for various gadgets.
User assets will be placed in cold storage (storing assets on a separate offline physical medium).
Platform components will function as follows:
- Matching engine: For the support of high-speed trading between millions of traders.
- Different asset types: The exchange will include more than 200 types of asset.
- Marketing services: These services will enable underutilized currencies to find their place in the market.
- 24/7 customer support: 24/7 online chat with users.
- Multi-language support: It is planned to support all common languages.
- Support of various gadgets from smartphones to tablets.
In addition, various competitions will be held on the exchange; prizes will be paid in tokens.
Comments: The team plans a large-scale development of the above components. However, there is no description of mechanisms for their interaction in the official documentation.
With development of the technology and data amount it is planned to implement the following:
Q3 2018 - Launch of the LCCX platform, with 50+ crypto assets and insurance for customer funds.
Q4 2018 - Adding 100 assets to the platform.
Q1 2019 - Launch of an underwriting service to attract exclusive new crypto assets to the exchange.
Q2 2019 - LCCX to support 200 cryptocurrency assets.
Comments: The team has presented a step-by-step strategy for project development, basically for adding assets to the platform.
We have analyzed the website and documentation of LCCX – London Crypto Currency Exchange, for sufficiency and consistency for making an investment decision.
Information about the project is contained in the White Paper and One-Pager. The documentation is presented in English. The white paper describes the project in sufficient detail. The main emphasis is on the platform's functionality.
The website also provides information about the project, the roadmap, the ICO, partners, the team and advisors. The website is presented in English.
Summary: The documentation enables a comprehensive view of the project. The platform’s functionality is described in sufficient detail; however, other platform functions and technical components are not disclosed.
Tokens issued for sale: 60%
Public ICO start date: March 12, 2018
Token type: ERC20
Accepted currencies: BTC, ETH, LTC, BCH, GBP
Price: 1 LXT = $0.15
Crowdsale duration: 7 weeks, until April 30, 2018
Token limitation: 100,000,000
Advantages for token holders: tokens are functional and can be used for accessing platform services, or may be sold on exchanges.
Additional token emission: none
The token sale is being implemented in several stages, with the following bonuses:
Max goal: $7,500,000
Min goal: $500,000
Comments: The project is planning to spend between 15 and 25% of profit on the purchase of LXT tokens every quarter; this mechanism will be active until there are fewer than 50m LXT tokens on the market.
Link to the bounty program [https://bitcointalk.org/index.php?topic=3047631.0]
The project has allocated 3,333,334 LCX ($500,000) to the bounty program, which is open in the following areas:
- Telegram Channel (10%).
- Social media (Twitter 10% and LinkedIn 5%).
- Reddit (10%).
- BitcoinTalk Posts & Signature (25%).
- Written content (20%).
- Youtube video (20%).
Summary: The project has an extensive bounty program. All conditions of the program are indicated at the link above; the project also has a referral program.
Token and capital distribution
Tokens and capital are distributed according to the following scheme:
Summary: Tokens do not affect the distribution of shares in the company. An 18-month lock-up period for team tokens (18m tokens) is provided; 1m tokens will be unlocked on a monthly basis. The incentive system is built in such way that it is more profitable to buy tokens earlier.
Q2 2018 - Marketing campaign commences; early registration.
Translation into several major languages is also planned at this point.
Summary: The project is planning a marketing campaign, but the details are not disclosed.
The team consists of 7 people and 5 advisors. Information about main team members based on LinkedIn is given below:
Robert Benwell (LinkedIn) - CEO and founder. CEO and founder of Read Squirrel Ltd, previously director of 6ix Ltd, CEO and founder of Optimal Hosting Ltd, marketing consultant at BTTB.
Alice Copilet (LinkedIn) - Head of legal department. Previously senior paralegal at the Financial Conduct Authority, paralegal at Slater and Gordon Lawyers, Kingsley Napley LLP.
Mark Wilson-Hooper (LinkedIn) - Head of security. IT security consultant at OIC SOLUTIONS LTD, cyber security consultant at Shaman BV.
There are 4 more people in the team.
Summary: All team members indicate their affiliation to the project except the head of security.
The team is mostly from the UK, and also includes the following specialists: a head of development, a head of business development, a head of marketing and a community manager.
Information about the project is available via various popular services such as Twitter, Telegram, Medium, Facebook, BitcoinTalk and YouTube. The project has a bounty program.
The team is conducting an advertising campaign via social media. Project news is regularly updated on Twitter and Facebook.
The format of articles about the project shows that they are written mainly by information portals as announcements regarding the imminent ICO.
Comments: Interest in the project is still at a low level. The marketing campaign is developed mainly on Twitter and Facebook.
Summary: Based on available data, user interest is still low. The team is conducting an advertising campaign via Twitter and Facebook, is communicating with users via Telegram and maintains a blog on Medium. There are publications in various media regarding the project. The website was recently created, therefore there are no metrics.
The developers can be contacted using the links below:
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.