Swiss crypto startup Lykke wants to launch its own exchange and has filed all the necessary documentation with the regulator, information obtained by finews.com showed.
Lykke, a Swiss cryptofirm, expects to generate funding totaling 20 million Swiss francs ($20 million) in a fresh round of financing. Lykke founder Richard Olsen will use the money to put the company in shape to satisfy the demands of Finma, the financial market regulator.
The company hopes to get the green light from Finma soon to become active as a securities trader and provider of an organized trading system. All documents required by Finma had been filed by the firm, Olsen told finews.com.
New Approach
The license by Finma will allow the firm to launch and operate a platform. Lykke will use new technology to run the platform based on the blockchain.
Finma currently is looking into applications of several crypto startups. Most of them however want to get a banking license.
Lykke wants to make the stock market more democratic and help smaller companies sell shares to the general public, which they then could trade as security tokens.
Trading Free of Charge
Lykke wont charge anything for the trading in tokens but finance the firm by selling new financial products.
If Finma releases the license soon, Lykke will launch the «friends and family» product in the fourth quarter of 2019. And the trading platform will be made available to the public in the first quarter of 2020.
