First ever Visa Debit Card in UK "Dragoncard" to allow spending cryptocurrency like Bitcoin, Ethereum, Ripple, Litecoin and monero like normal money anywhere across UK. London Block Exchange ( don't mistake it for London Stock Exchange ) is the startup company which is launching this Visa card by the end of this year and has raised 2 Million pounds in funding.
Everybody sees Bitcoin as a commodity rather than money due to the fact that only few companies accept it as a valid payment. Altcoins are still very far from this. Bitcoin transactions are really slow which make it least likely for any sort of payments (Frankly who will wait for 10 mins for the payment to be verified). LBX wants to change all this:
When a person swipes the Dragoncard (Visa Card) at the retail store. Retailer will be paid in Sterling pounds immediately and LBX will regain the money by converting the cryptocurrency in the person's online wallet.
It is not going to be free for sure :-)
LBX will charge 0.5% per transaction and also there will be a small fee for cash withdrawal from ATM.
Benjamin Dives, Founder and CEO of LBX said that
"If a shop accepts Visa, it now accepts Bitcoin, Ethereum, Litecoin or Ripple"
Adam Bryant, Executive Chairman of LBX said that
"Cryptocurrency has come of age with LBX. We’re offering a grown up and robust experience for those who wish to safely and easily understand and invest in digital currencies. We’re confident we’ll transform this market in the UK and will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike."
Official website of London Block Exchange (https://londonblockexchange.com/) is already live now.
Below is the current team of LBX
This for sure looks promising and i'm sure that we can expect more competitors really soon.