Cryptocurrency Exchange Laissez Faire Launches In 49 States
Cryptocurrency exchange Laissez Faire (LZF) launches their long-awaited USD markets in 49 states. This event makes the LZF exchange the first US-based exchange to operate legally throughout the entire US, minus New York. The New York exemption is due to the necessary, yet widely opposed, BitLicense.
The structure of the new exchange can be likened to a SaaS (software as a service) platform. Essentially, LZF has developed banking relationships that allow for the company to manage the ledger and the platform while the bank acts as a custodian of the funds. LZF has also made certain that all user deposited funds are FDIC insured.
In addition, the company has instituted an instant KYC (know your customer) approval process that is available for every US citizen. The procedure requires the user to fill out a form and submit a photo, at which time they will be instantly able to use the new LZF fiat services.
As an added benefit, the exchange is now able to instantly import and verify many ACH capable bank accounts via bank login. This makes the bank account linking process much smoother and much quicker for users. Currently, this feature supports about 30 banks. Non-supported banks will need to be added manually and verified by confirming two small deposits.
LZF’s ACH deposit and withdrawal features operate in the same way that Coinbase and Circle credits/debits accounts; to anyone familiar with these services. There are also no ACH fees for both deposits and withdrawals. And withdrawals are credited to a user’s linked bank account the next day.
Rounding out its banking capabilities, the exchange is introducing same day incoming and outgoing international and domestic wire transfers for its users as well, with no fees charged on wired deposits. LZF is also finishing the development of its Euro markets and SEPA capabilities, which are set to launch soon. For now, the platform supports Bitcoin, Nxt, Dash (Darkcoin), Litecoin, Peercoin, and US Dollar.
From ACH to wire transfers, to cryptocurrency, LZF plans to run a fully autonomous system that has fully implemented banking capabilities. Everything will operate in an autonomous, synchronized process allowing the company to minimize the need to manually process user requests (with the exception of crypto cold storage). With this LZF aims to offer a completely new digital currency to fiat exchange platform that provides the most secure, incentivized trading environment.
About Laissez Faire
Laissez Faire (LZF) an incentivized cryptocurrency exchange. LZF uses a uniquely designed algorithm to encourage "healthy" behavior among traders in a market by awarding limit orders with royalties relative to their participation in helping produce a deep, dense, and stable market. Traders are automatically compensated for placing orders for as many units of currency as they can, as close to the bid-ask-spread as they dare, for having those orders sit there for a long time accumulating royalties, and then eventually having their orders trade.
Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself.