24 June, 2022
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End of week update

24 June, 2022

Wrapping up a busy week of meetings with the London Metropolitan Police Department’s cyber and physical crime units, representatives from GSM Arena, a popular site keeping up with the latest on mobile phone technology and releases, and finalizing details on our new lease!

MEXC

We’re wrapping up the second round of our MEXC trading competition today! Shortly, the winners of five Lox Founders NFT keys will be announced over on Twitter and in our Discord!

Similar to last time, we’ll only release a small portion of the information for safety and security purposes by blanking out most of the details in the UID and Email address fields. If you’re a winner on the list and want to claim your Lox Founders Key NFT, please get a screenshot of your full UID provided on your MEXC account and email us using your email address that is on our published winner’s list. Please send your email to admin@loxcoin.io with subject: Founder NFT Winner.

Though it may be too late to join the trading competition, you are still invited to create a new MEXC account if you choose. Just use our referral link to sign up (and please note, that Lox Technology may receive payment from MEXC for users registering using our referral link).

As this round closes, the NFT keys are being minted and SoluLab will begin integrating them to unlock the Lox Network sandbox giving Lox Founders Key NFT owners access to the beta testing of the hybrid blockchain Lox Network and our products built on top of it like the SmartLOX Mobile Security app!

Looking Forward

Following Tether’s press release earlier this week, the UK’s Financial Conduct Authority’s (or FCA as it is more commonly referred to here) seeming initial guidance is that any £GBP stablecoin on Lox Network needs to be backed 1:1 with the British Pound Sterling. This means if Lox Technology, for example, released a hypothetical stablecoin like GBPX, then Lox Technology will need to provide certification to the FCA that each stablecoin issued is fully backed by a physical £ and can be redeemed for the physical unit within the legally determined timeframe. Lox Technology has applied for the licensing required to transmit money, which is the first step toward a potential launch of a fully compliant stablecoin on Lox Network.

This license may also open the door for possibilities to start a small money exchange, remittance service or even a full-blown CEX! But that’s getting way ahead of ourselves. First thing’s first as we’re only in the application process for a license and waiting on clarification and guidance to launch a compliant stablecoin.

Wrap Up

The next AMA is scheduled for next Saturday with Lucas. Details will be released in the next few days, but feel free to submit your questions to our staff, ambassadors and moderators on TelegramDiscord and Twitter.

After another round of yield farming including $SmartLOX and $SmartNFT kicked off earlier this week on Bitrue, we’re waiting on final details from Noal regarding listing details for our third exchange partner, and of course, all of the details and initial supporting documentation for $MetaLOX.

Thanks as always for the support, #LoxFamily! – Team Lox

Louie
Manager

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