The ICON Foundation announced that it has engaged in a long-term partnership with the blockchain firm LCX, known for providing a security assets infrastructure. Both companies have signed a memorandum of understanding (MoU) to build a regulated security token infrastructure and to offer innovative blockchain solutions for crypto assets.
Innovation in Tokenization of Assets
The tokenization of real tradable assets has gained a boost in 2018. A lot of blockchain companies are working to gain a network that will be approved by legal bodies to launch a security token framework. In this way, everything can be tokenized on blockchain from real estate to pieces of art. The tokenization of assets will open new gates to the financial world and it is expected that the sector will soon touch billions due to the merging of traditional assets and digital technology. To issue security coins, a scalable framework is needed having the capability to tokenize everything with ease-of-use. ICON Foundation behind the ICON project aims to develop “Security Token Infrastructure” in collaboration with Liechtenstein Blockchain Innovator LCX by signing a MOU.
Also read:Aims of Partnership
The foremost goal of the strategic partnership is to share and exchange insights about how to build an efficient security assets infrastructure, innovative regulation technology, and compliance solutions. Secondly, both companies will work together to deploy new models for securities and how different blockchains can interact in the ICON network. Moreover, the firms will share operational infrastructure in South Korea and Liechtenstein.
Monty C. M. Metzger, the founder, and CEO of LCX said:
“We continue to expand our partnership ecosystem to add more value for our customers. Partnering with ICON Foundation allows us to deliver more innovative solutions in the long-run, starting with security token standards and cross-blockchain payment capabilities.”
Min Kim, the co-founder and council member of ICON Foundation, said:
“I remember meeting Monty and the LCX team in Liechtenstein in December 2018. We’re impressed with the progress that they’ve made in the security token space, and we’re excited to explore opportunities for ICON.”
“We are proud to partner with LCX to exchange knowledge and expertise to enable international growth of digital assets,” Kim added.
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