LBank is a centralized cryptocurrency exchange for international traders based in Hong Kong. Launched in October 2016, the platform focused primarily on the Asian markets, however, its LinkedIn page mentions 2015 as the starting point of work. In 2017, the customer-to-customer service was launched where the digital assets are traded directly without intermediaries. It employs the model that resembles the peer-to-peer model and its scheme of work is very close to the one used by the decentralized exchanges.
The company behind the platform is Superchains Network Technology Co. Ltd. The main goal of the exchange is to deliver a world-class integrated cryptocurrency platform and professional asset management services providing a high level of security to its users. Hundreds of currency pairs are presented on the platform. In addition, the company assures that it offers the highest staking rewards compared to its business rivals.
The platform serves the cryptocurrency community in at least 98 markets at the time of writing. Apart from spot trading, the customers get access to over 40 cryptocurrency trading pairs and numerous altcoins.
C2C over-the-counter trading platform is very popular among customers. Certified sellers list their offerings for sale there and make transactions in a peer-to-peer manner safely and conveniently.
Though the platform allows trading crypto against fiat, the main direction is crypto-to-crypto exchange. Taking into account its support of numerous altcoins, the platform is frequently chosen by investors with multi-currency portfolios. The platform also presents a voting mechanism for new tokens that can be listed after being approved by the community.
The platform strives to make its interface convenient for users. Though the interface is rather simple it can still boast of such technical indicators as MACD, KDJ, RSI, and CC. The exchange offers margin trading to institutional players. Also, Leveraged ETF Trading Board was launched at the beginning of 2020 to allow trading leveraged ETF conveniently.
The drawback of the resource is the shortage of information in the English language. The translated version of the website is rather limited and doesn’t include all details available for Asian users. It scares away numerous customers who don’t speak Asian languages. However, the company seems to be working over this problem and more sections become gradually available for English-speaking clients.
The API versions are constantly upgraded by the team. The number of community nodes has exceeded 27 by the time of writing. Such companies as Skenlian Finance, Bolian Finance, JLAB, and ARPA are announced as LBank’s delegate nodes.
The team has developed a mobile app for popular operating systems. Users can download iOS and Android apps to their mobile devices and trade on the go. The platform also offers a desktop app for Windows.
LBank token and fees
The exchange has launched its own kind of stablecoin LBCN. The company claims that it is backed 1:1 by CNY and 20% additionally by BTC. Apart from it, the company launched a utility token LBK based on the ERC20 protocol. The platform supports the program “Lock-Up LBK to List for Free”, in accordance with which all projects that hold and lock 1,000,000 LBK tokens can list directly on the LBank Exchange.
According to the LBK community self-governance mechanism, the locked amount is going to be unlocked regularly once a month from the listing date if the token doesn’t fall below the opening price. If it still falls below the opening price, within the first month, then the locked LBK is going to be directly airdropped to all those who have a net buying position on the token. The exchange offers lock up rewards varying from 8% to 20% depending on the kind of cryptocurrency and period of lock.
The platform charges 0,10% per trade. It’s possible to transfer funds directly from bank accounts to a high-quality web wallet via the fast transfer function. Verification is not obligatory in case you don’t work with fiat money and don’t exceed limitations. However, if you still verify your identity, it is possible to connect additional payment methods after the verification procedure such as WeChat payment, Alipay, and a bank card.
The platform uses SSL encryption on its servers, cold wallet storage, and two-factor authentication where it asks for a valid ID. The platform offers the feature of an additional “asset password” for the security of your assets. The platform uses face detection as one of the security measures. The fingerprint unlock feature has also been introduced on the platform. The platform complies with KYC/AML policies, however, it doesn’t deliver services to US citizens because of regulatory impediments.
According to the statements of the company, the team that develops the resource includes highly experienced professionals who have worked in the traditional financial sphere and IT. The members of the core team have graduated from the top universities and worked in big IT companies, and other technical networks with rich experience in blockchain trading. The core team includes about 100 employees while the number of people working for the project in total reaches 300. The team includes skilled technical researchers, web engineers, cryptographers, and others.
Since China laws are quite tough on cryptocurrencies, ICOs, and digital exchanges, the LBank platform has relocated its headquarters outside of Hong Kong, though it is still mainly serving the Chinese and other Asian markets. In this connection little is known about the key executives of the team. The co-founders of the exchange are Eric He and He Wei. It is also worth mentioning CEO of the company Zen Kim, and its COO Jonghun Hong.
Claudia Olah, the director of global marketing of RadarWin Investment Management Co. Ltd. is mentioned as one of the LBank’s investors. The company she heads invests actively in high-tech and blockchain projects with DAEX.io and LBank among them.