US-based bitcoin exchange Laissez Faire (LZF) has launched its currency trading platform across 49 states legally by complying to financial regulations and licenses of each state, to provide its users with an incentivized trading environment.
The platform utilizes a similar structure to SAAS (software as a service) platform implementing bank-level technologies and systems to autonomously process user requests. LZF co-founder Daniel Pusateri explained to CoinTelegraph:
“A bank acts as the custodian of the funds deposited through LZF. LZF simply manages the ledger on our end and acts as a kind of software as a service, which allows us to circumvent state-level money transmitter licensing.”
However, LZF will be spending around US$30,000 annually to maintain their fiat markets and to keep the platform compliant with U.S. financial regulations.
“With the deal we signed, we’ll likely only spend around $30,000/year to maintain our fiat markets,” he explained. “Despite what we’ve accomplished, from an investment standpoint LZF has been exceedingly efficient and has operated very frugally since its beginning. Thus we are well-funded by efficiency.”
Relationship with Banks
LZF’s local and international banking partners ensure that they act as