British Crypto Exchange to Issue Pound-Backed Cryptocurrency

October 4, 2018

Recently Britain-based London Block Exchange (LBX) has announced the launch of its own digital currency LBXPeg backed 1:1 by the Pound Sterling. The company CEO Benjamin Dives told the first coins are to come within the next 10 days.

The LBX presents itself as the London’s only crypto exchange that provides guaranteed banking services in the UK. The services include over-the-counter deals and online crypto training as a part of the College Of Crypto project.

The LBXPeg launch will be supported by so far unidentified partner bank that is in charge of storing the digital currency reserves.

The new coin is supposed to be used in OTC trading at the London market and state exchanges without their own fiat accounts.

According to the statement posted at the LBX official site, the new stablecoin will take Ethereum technologies as the basis, namely, the ERC-621 standard. In addition, the platform spokespersons presumed that LBXPeg can be pegged to USD or euro in the nearest future for higher scalability and coin stability.

The LBX claimed creating this stablecoin was a must due to lack of other similar currencies for financial purposes.

Remember that lately the China-based blockchain fund Grandshores Technology has declared to issue its stablecoin backed by the Japanese yen.

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