Lykke hosts second annual coinholder meeting and reports profits

Lykke, a Swiss-based FinTech company building a global marketplace for the free exchange of financial assets, hosted its second annual coinholder meeting to discuss the results of 2017 and address continuing challenges. The company also unveiled its goals for 2018–2019.

Key among the successes of the previous year was the posting of profits for both Lykke Corp and Lykke Group. Lykke Corp, consisting of Lykke’s Swiss entity on a standalone basis, showed a profit of CHF 2.2 million in 2017; while Lykke Group, which includes all international interests, posted consolidated earnings of CHF 4.6 million in the same period.

As discussed in the coinholder meeting, Lykke is emerging from the transition period that began in 2018 as a newly retooled Lykke 2.0, which emphasizes global branding, lean development practices, a centralized leadership team, and institutional procedures for maximizing outputs. These four pillars will provide the foundation and organizational structure for continued growth into 2019.

“One aspect of Lykke that hasn’t changed is our pursuit of and commitment to aggressive goals,” said Richard Olsen, Lykke founder and CEO. “We’re rolling out redesigned versions of our free Lykke Wallet mobile app and our web trading platform. We aim to truly democratize finance through an ecosystem of apps that are accessible, reliable, easy to use – more information about the new products which are now in a concept phase will be shared before the end of the year. As for our new projects in 2018, one of the most exciting and innovative is the AlgoStore, which will help to democratize algo-based trading.”

The AlgoStore, which is expected in Q3 2018, enables any Lykke member, regardless of technical expertise or formal financial background, to find and experiment with trading algorithms using imaginary funds. After achieving a comfort level with the algorithm, the investor can begin trading with it using actual funds. It is hoped that the AlgoStore will pave the way for an entire ecosystem of reliable, easy-to-use, highly accessible financial apps, all bearing the global Lykke brand.

One of the challenges for online exchanges in general is liquidity. Lykke plans to implement liquidity improvements over the coming year, including a smart fee structure for trading professionals, increased marketing, and integration with other online exchanges, along with a continued focus on Lykke’s automated trading algorithm and market-making engine.

Another continuing challenge is the global trend toward regulation of crypto assets. Lykke views this development as a net positive, despite the current state of flux of regulatory requirements in certain markets, including the United States. In the meantime, Lykke has made demonstrable gains with regulators in other key markets. The company’s trading entities have provisional approval in Cyprus through the CySEC CIF license; in Singapore as a Stored Value Facility; and in Australia as a Digital Currency Exchange. None of the challenges in local regulatory environments affect the continued operation of the Lykke Exchange in Switzerland.

“It’s an exciting time to be a part of Lykke,” said Dr. Olsen. “Maybe even the best time.”

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Source Lykke

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