LCX AG Tests Provenance System with Merck and Hashgraph
LCX AG, a Liechtenstein-based company, is at the forefront of a pioneering project that aims to track and verify the origin of goods. The company has been testing its Merck-provenance system in conjunction with Hashgraph's technology, which allows for the tracking of cocoa beans from farm to table.
The system, still in its pilot phase, is being touted as a potential game-changer in the fight against counterfeiting and illicit trade. With the authorization process underway under the EU's MiCA regulation, LCX AG is set to become a crypto-asset service provider if approved by the Financial Market Authority (FMA) Liechtenstein.
Liechtenstein-based LCX AG has applied for authorization as a crypto-asset service provider under the EU's MiCA (EU 2023/1114), and its application is currently under review. The company emphasizes that it does not offer crypto-asset services to persons in the EEA pending authorisation, and existing clients are limited to withdrawals during the wind-down process.