Xapo co-founder gets green light from regulators for new crypto startup

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The latest project from one of the co-founders of wallet provider Xapo, Federico Murrone, got the green light from Liechtenstein’s financial regulator for his new startup Lirium to deliver his crypto solution to banks, fintechs and markets around the world .

The project, called Lirium, offers a plug-and-play backend solution that aims to enable various partners, be they neobanks, fintech companies or traditional banks, to include crypto in their offerings. products without having to develop technical capabilities themselves or manage compliance. Questions.

Lirium eliminates the need to manage crypto liquidity or implement their own security measures, as the solution covers the full range of their regulatory, technical, operational and security needs. It is hoped that the regulated provision of Lirum’s backend solution will remove barriers for various neobanks, banks or marketplaces that choose to allow their customers to buy, sell, send and store crypto securely.

Murrone stressed that the goal of the solution is to help bridge the gap between increasingly popular neobanks, various digital wallets and mobile apps, and the crypto industry.

Lirium’s approval by the Liechtenstein Financial Markets Authority (FMA) means that its partners will not need to obtain licenses themselves in their jurisdictions. To get the green light from the FMA, Lirium had to prove that it could meet a host of European compliance and legal standards encompassing data security, governance, protection of customer funds and customer rights.

Some of these requirements require Lirium to segregate all client funds from its own, be subject to ongoing audits and monitoring, and retain a team that has been carefully vetted for its experience and reputation.

Related: Liechtenstein Parliament Unanimously Approves New Blockchain Law

Along with Murrone, who is the CEO of Lirium, the Lirum team includes Martin Kopacz, former head of compliance at Xapo, who will be the company’s COO.

The Liechtenstein FMA has also supported token stock offerings in the European Economic Area and continues to solidify the country’s established position as a crypto and blockchain-friendly jurisdiction.

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