The Lyber platform, a mobile app for buying crypto-currencies with its own crypto-card, is now registered as a PSAN with the French Financial Markets Authority (AMF). Lyber can now offer its services in France via its app in full compliance and expand there.
Lyber, a mobile application to democratize the use of cryptocurrencies
Lyber is a Paris-based startup that has developed an application that specializes in services related to cryptocurrencies. Users can use it to buy cryptocurrencies directly with a bank card, but also to make transfers and spend their assets.
Unlike trading platforms like Binance or FTX that target more professional users with trading, Lyber aims to democratise cryptocurrencies by offering a very simple and clear interface. The application has been developed with the aim of reaching the largest number of users.
Every detail has therefore been thought through to accompany neophyte individuals wishing to get a foothold in the sector. For example, cryptocurrency shipments can be made with a phone number or an email address (as long as the recipient has the Lyber app) to avoid complications with wallet addresses.
Lyber application overview
Lyber is thus part of a desire to accompany and inform users, as the application also offers a small dictionary simply defining terms related to the industry.
More than 80 cryptocurrencies are available on Lyber, including:
- Bitcoin (BTC);
- Ether (ETH);
- Solana (SOL);
- Polygon (MATIC) ;
- USD Coin (USDC);
- Dogecoin (DOGE);
- Cosmos (ATOM);
- Avalanche (AVAX);
- And many others.
The prices displayed on the application are obtained thanks to Lyber’s liquidity provider, which aggregates prices from five exchange platforms: FTX, Binance, Kraken, Coinbase and Gemini in order to offer the lowest possible prices to users.Finally, the Lyber application supports three blockchains, namely Ethereum, Solana and BNB Chain, with the aim of supporting more in the future. It also has its own native token, the LYB.
This token allows its holders to participate in Initial Exchange Offerings (IEOs) organised by the platform or to benefit from discounts on their transaction fees (which are basically set at 0.5%) on the platform, depending on the quantity of tokens owned.
Lyber achieves PSAN
status
Lyber is officially registered as a digital asset service provider (PSAN) in France since June 22, 2022. This is a status issued by the Autorité des marchés financiers (AMF) under certain conditions.
The PSAN is a mandatory status to be obtained by any company wishing to offer cryptocurrency-related services in France. The company is thus authorised by the AMF to offer digital asset custody and exchange services.
Lyber is thus in line with a desire to comply with regulations as it has also applied for the mandate of payment service provider (PSP) agent, issued by the Autorité de contrôle prudentiel et de résolution (ACPR). This licence essentially allows the company to accept funds from customers and give them the possibility to exchange them for cryptocurrencies.
Lyber will thus be able to fully develop in the country while benefiting from a solid credibility. The startup believes that France is an ideal environment to develop its services as the country offers one of the clearest regulatory frameworks in Europe on cryptocurrencies.
Finally, for the issuance of its own crypto-card, the startup is a banking partner with Treezor, a subsidiary of Société Générale, one of the largest French banks.
