" class="no-js "lang="en-US"> First Ever Fiat-On-Chain Launched by L3COS - FF News
Monday, January 30, 2023
Saltedge Report

First ever Fiat-on-Chain launched by L3COS disrupts the $152BN Global Stable Token industry by launching GBP, Euro and USD on chain safeguarded with central banks

L3COS, the blockchain-based operating system will launch the world’s first-ever Fiat-on-Chain with three initial currencies – GBP, Euro, and USD – all of which will be safeguarded by central banks.

In September 2022, L3COS will launch its closed loop, digital assets marketplace, enabled by Fiat-on-Chain (FoC) deposits and withdrawals. Every participant transacting on the L3COS platform will have a KYC/AML screened, unique and verified digital identity, allowing individuals, businesses, and governments to interact and trade in a safe and regulated way, on a global scale. This frictionless trade is facilitated using smart contracts and currencies of the end users’ choice.

Revolutionary FoC (Fiat-on-Chain) technology also delivers real-time settlement of all transactions within the L3COS ecosystem (Real Time Gross Settlement).

Initially, the FoC (Fiat-on-Chain) will be used for payments by launch partners AgriDex (the global supply chain marketplace for agriculture and food) and ENT Global (the global entertainment and sports marketplace with digital rights management).

Siobhan McArdle, CEO, L3COS:

“We are delighted to offer our FoC (Fiat-on-Chain) solution for the digital asset markets industry, eliminating the risks posed by stable tokens and other equivalents. The total value of FoC deposits is safeguarded with central banks at all times, which provides security and ultimate liquidity of your deposits.”

Founded by Zurab Ashvil, L3COS, (pronounced ‘Leckoss’) is a blockchain-based operating system bringing the benefits of blockchain to the wider economy. It provides full governmental and regulatory oversight across digital transactions and is applicable for all businesses, large and small, as well as for individuals. It is the first and inevitable, but essential, step in making the world fully digitalized.

The operating system facilitates secure, regulated and digitalized activity for countries around the world, as well as the tax and regulatory requirements for sovereign regulated institutions, such as the UK Customs & Excise and US Customs & Border Protection, for corporates and for individuals.

Read more breaking stories in Fintech & Finance news here

  1. ID-Pal partners with Keystone Property Finance to streamline the client onboarding process for mortgage brokers and borrowers Read more
  2. Nexar Teams Up with Cover Whale to Ensure Safer Rides for Insured Truck Drivers Read more
  3. TransUnion Appoints Linda Zukauckas to its Board of Directors Read more
  4. First Isle of Man Insurtech Accelerator Program finishes on a high Read more
  5. 23 million adults apply or consider applying for financial services products every year Read more
Paris Fintech Forum