Lykke is similar to a normal wallet the only difference being that it is electronic. You can use it to hold money in different currencies and exchange
Lykke is similar to a normal wallet the only difference being that it is electronic. You can use it to hold money in different currencies and exchange one currency to another without going to the bank. Your e-wallet is also linked to Lykke exchange where you can use it to buy shares and even issue your own.
Lykke aims at enabling everyone in the world to access the market and use his or her currencies. This will in turn create global marketplace where an assets from all over the world can be exchanged and traded for other assets at a fair price. Currently, Lykke focuses on foreign exchange but it plans to expand into bonds, money market instruments, equities and more.
Who needs Lykke wallet
You will need Lykke wallet if
· You intend to invest your money in multiple currencies
· You want to issue your own shares
· You want to buy shares.
The best thing is that transactions are free and the commission is 0%
You do not need to be technology savvy in order to use Lykke wallet. If you can use the internet, online banking or even social media, then you have all the skills you need to use Lykke Wallet.
How to use Lykke Wallet
· First download Android app or iOS for free
· Register your details
· Deposit money into the wallet. You can either transfer funds from your bank, make a wire transfer or transfer bitcoins
· Start trading
Whenever you want, you can withdraw your money from the e-wallet without paying any fees.
How safe is your money
Unlike a traditional exchange, Lykke wallet is a multi-signature wallet which significantly increase the safety of your money. Upon sign up, you have one of the key and the exchange retains the other. This means even though your personal key is stolen, no one can take your money.
Also, after every transaction, Lykke sends emails to you. In case an exchange is compromised, you should contact the support team and Lykke will refund within two weeks
Difference between Lykke and other crypto ventures
Lykke is not a distributed ledger technology or crptocurrency, it is a marketplace that integrates seamlessly with the existing financial system. Its trading venues uses matching engine to buy and sell orders. The delivery, accounting and settlement of traded assets use distributed ledger technology.
Lykke’s main focus is on foreign exchange market, which is the biggest financial market in the world with daily transaction volume of 4 trillion USD.