Payment technology entrepreneur Ephi Zlotnitsky sells his stake in iControl Data Solutions, a SaaS provider of B2B payments and analytics software that processes over $1B dollars in payments each year, to Goldman Sachs in order to pursue his passion for blockchain technology.
Zlotnitsky is searching for the next Fintech frontier that is ripe for disruption. He quickly identifies the inefficiencies and complexities inherent in the Securities and Commodities trading workflows, arising from these workflows dependency on multiple disjointed ledgers.
Zlotnitsky commences a deep-dive review of the applications (and limitations) of blockchain and its distributed ledger technology, specifically smart contracts, in the financial services space.
Zlotnitsky explores the possibility of creating a free peer-to-peer trading platform.
After months researching the business models and applications of Exchanges, Clearing houses, Brokers, and Transfer agents in the securities and commodities marketplaces, Zlotnitsky teams up with a group of experts in this field to build LucidExchange.
Zlotnitsky and his team found LucidExchange. Proof of concept development commences.
Alexei Silverman (J.D. Harvard Law) is added to the team to ensure regulatory compliance.
Proprietary algorithms and process flow are mapped out and ready for development.
Proprietary algorithms and technology are developed. The team begins beta testing.
The team initiates web design and the construction of marketing materials.
Beta testing is successfully completed. Development continues to improve the platform and refine the end-user experience.
Legal research, Website, and marketing documents are finalized. NYU Law Professor Shadab, and Professor Samid, a thought leader and a world-renowned innovator in the field of cryptocurrencies are joining the team. LucidExchange prepares to launch a full force marketing effort to market its upcoming ETS (Early Token Sales).
Sometime between Nov 2017-Jan 2018
Early Token Sales (ETS) is launched.
LucidExchange starts the filing process for registration with the Commodity Futures Trading Commission for a Swap Execution Facility (SEF) license.
Lucid add to its the proprietary trading platform more trading functions for derivatives and futures trading.
Lucid anticipates the successful completion of registration as a swap execution facility (SEF). Lucid trade-swap features are enabled. Our website is monitored and altered to ensure a modern design and user-friendly interface. Our system is constantly tweaked to ensure the tightest spreads and maximum liquidity in the marketplace.
LucidExchange’s standalone mobile platform is fully developed. The team strategies to deliver a superior trading alternative, positioning the company for long-term success.