Lykke: trading crypto, forex, commodities and more — all in one crypto app!
The Lykke cryptocurrency app is one of the most complete on the market: it is an exchange integrated with a secure wallet for storage. It offers some 80 cryptocurrencies, 20 fiat currencies for forex, digitized commodities, and crypto index tokens. Users can trade all these digitized assets within the Lykke Wallet crypto app with no trading fee at all. Moreover, Lykke Wallet has a very convenient fiat gateway and allows you to deposit by bank transfer and by credit card. How is that all possible in just one all-in-one crypto app? Continue reading to find it out…
The human mind likes to separate things. We study either humanities or natural sciences. We speak a Northern or a Southern dialect. We like cats or dogs. This is a natural process the human brain has developed to simplify its work, categorizing items and saving up storage space.This exact same process happens almost in any field of human activity. We like grouping things that apparently belong together to make our lives simpler.
In the financial world, this segregation is even more evident as this system has stagnated for quite some time. It has become obsolete. We tend to associate trading with Wall Street, investing with being rich and banking with something painful. We know that on a ForEx you trade national currencies and, logically, on a commodities exchange you trade commodities. Given this categorization, it remains hard to imagine that any and all kinds of assets can be accessible not only through one single exchange, but moreover in a digitized form right on your smartphone.
This is what we are working on at Lykke. Our mission is to make the financial world accessible to everyone. Imagine a sort of a Monopoly game that you start playing from a very young age but for real. If everyone has access to a common marketplace, there will be thousands of different assets available — we all have something to offer! Whatever we might want to exchange — our creative work, our belongings or even our time — can be assigned a digital representation, a token.
Same when in the crypto economy: if we stick to our innate habit of categorization, we continue to apply the dichotomy ‘Wallet > <Crypto Exchange’. However, Lykke doesn't really fit into this dichotomy as it’s a Wallet integrated with a crypto exchange with lots of forex and even some commodities trading pairs.
Here are the types of assets available on Lykke Exchange:
National currencies
It is quite unique that a crypto exchange has so many options for forex trading. However at Lykke, we are building a global marketplace and we realize that people prefer their national currencies as a price reference for a better understanding of the value of something.
Another reason why Lykke offers so many forex pairs is the trailblazer role of its founder and CEO Richard Olsen, formerly of Oanda. Richard pioneered high-frequency finance research, and initially, it was grounded on forex trading.
There are 21 national currencies on Lykke Exchange. The 0% trading fee and low spreads make it an excellent option for forex traders who still have not entered the cryptomarket or even have no plans to do so.
Cryptocurrencies
As we know, everything that is not Bitcoin is an alternative to it, or “altcoin”. A coin is something that we use as a means of payment, so not all cryptocurrencies are actually coins. Indeed, most of them are tokens. Tokens are a digital representation of something “useful” — a relation between the parties in a digitized form, be it discounts, contracts, bonuses in a social network, etc. There are approximately 80 different cryptocurrencies on Lykke Exchange, and some deserve specific introduction.
LKK
Lykke cryptocurrency, or LKK, is the Lykke Exchange native asset that represents shares in the Lykke Corp. If you hold 100 LKKs, you have one share and can take part in the corporate decision-making. LKK was issued and listed in 2016. As of now, the only way to acquire this token is by purchasing it on Lykke Exchange. However, we envision that LKK will soon be widely traded on crypto exchanges.
LyCI service token
Another completely revolutionary asset available on Lykke Exchange and currently only there, is LyCI utility token. LyCI is a service, not a product. Yes, you heard it well. This is an amazing characteristic of utility tokens — they can represent virtually anything, from a bonus in a social media, to an intellectual property right, to a service. It’s a code that automatically executes a series of actions, a smart contract.
LyCI service is designed for holding cryptocurrencies. When you want to HODL, you have to choose projects with the best potential. If you don’t guess well, you have to sell off and buy into a different asset. The problem with it is the time that you need to study hundreds of whitepapers, to pick up the best moment to sell and buy. LyCI solves this problem by automatically choosing the top 25 cryptos with the largest market capitalization. When you buy LyCI, you buy a representation of those assets that are the top 25 at a given moment. Today these are ones and tomorrow some of them will change. But you don’t have to move your funds, because LyCI automatically updates its constituents everyday. It’s like being invested in, let’s say, Doe Jones index but with crypto constituents. Confused? Learn more on our website.
Commodities
On Lykke Exchange, you can trade digitized commodities. At the moment, there are four assets available: Silver, Gold, Platinum and Palladium. However, in the future, along with other completely new kinds of assets, it will be possible to add more commodities for trading at Lykke.
A unique combination of tradable assets, non-standard fiat-crypto pairs, and a fiat gateway together with 0% trading fee make Lykke an attractive platform for any kind of user profile: crypto newbie, forex trader, high-frequency traders, holders, investors and many more. Which one are you?
