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.
Related News
Cryptocurrency exchange PS Coin rebrands as Laissez Faire as it continues its mission to correctly incentivize trading. The magic behind Laissez Faire is their incentive algorithm; an algorithm designed to encourage what Co-Founder, Daniel Pusateri calls "healthy" behavior among traders. Traders on Laissez Faire are automatically compensated with royalties for placing orders for as many units of currency as they can, as close to the bid-ask-spread as they dare. As a result, all of the bids and asks seen on the Laissez Faire markets are not an illusion of stability, but actual stability.....
The launch of the Laissez Faire (LZF) digital currency-to-fiat exchange platform in 49 states marks the first U. S. -based exchange to operate legally throughout the entire U. S., with the exception of New York. The goal is to provide a digital currency-to-fiat exchange platform that provides the most secure, incentivized trading environment. Using a structure similar to a Saas (software as a service) platform, LZF provides an autonomous system with fully-implemented banking capabilities. The autonomous, synchronized system minimizes the need to manually process user requests (with the....
On October 4 through 5, Atlanta, Georgia will host the 2013 Crypto-currency Conference: Bitcoin and the Future of Money. Bitcoin Magazine is proud to serve as a sponsor alongside of Let's Talk Bitcoin, The Bitcoin Foundation, Students for Liberty, FEE, and Atlanta Bitcoin of this conference spearheaded by Jeffrey Tucker, Executive Editor of Laissez Faire Club and Laissez Faire Books, Distinguished Fellow for the Foundation for Economic Education, and Research Fellow of the Action Institute. The purpose of the conference will be to connect monetary economists, legal theorists, banking....
US-based bitcoin exchange Laissez Faire (LZF) has legally launched its currency trading platform across 49 states by complying with the financial regulations of each state, to provide its users with an incentivized trading environment. The platform utilizes a similar structure to SAAS (software as a service) platform implementing bank-level technologies and systems to autonomously process user requests. LZF co-founder Daniel Pusateri explained to CoinTelegraph: However, LZF will be spending around US$30,000 annually to maintain their fiat markets and to keep the platform compliant with....
Doug French is a libertarian economist who received his PhD in the University of Nevada under Murray Rothbard and has many years of experience working in the banking sector. He was the president of the Mises institute from 2009-2012 ans is currently the senior editor of Laissez Faire Books, a libertarian book publisher run by Jeffrey Tucker. He is also well known for having been and for writing Walk Away: the Rise and Fall of the Home Ownership Myth, a libertarian look at the events and ethics of the housing bubble. Here Doug French has agreed to talk about his views on Bitcoin and the....