LONDON, Aug. 15, 2022 /PRNewswire/ -- 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 with 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.
L3COS based operating systems are quantum-safe with the ability to execute transactions and exchanges at the scale and speed necessary to disrupt both existing blockchain and traditional methods. Its technology is immutable, fully auditable, traceable and transparent, all of which makes tracking cross border movements cost effective and efficient.
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.