The London Block Exchange (LBX) will be offering a new service that will allow traders and companies to store and transact both fiat and cryptocurrencies.
What Is LBX ?
LBX is multi-cryptocurrency exchange built to help consumers and institutions across the country to join the digital money revolution. The exchange currently offers GBP pair trading in bitcoin, ethereum, Litecoin and Ripple, with a packed release schedule of new coins and tokens for 2018.
So What Is LBXPeg And LBXPay ?
LBX Peg, a stablecoin pegged 1:1 to the value of sterling. It is the first fully audited blockchain based, fully collateralized token tied to the value of pound sterling (GBP) held in a segregated UK bank account on a 1:1 basis.
LBX Peg allows users to transfer the digital equivalent of GBP quickly, easily and on a global scale through a decentralized network. It makes the transfer of money traceable and trustless and, as such, has a wide range of use cases; from payments to merchants to a smart contract-based distribution of dividends for a company’s shareholders.
The company launched LBX Peg on the Ethereum blockchain initially to develop, distribute and manage its issuance as the blockchain is transparent, efficient and close to reaping the benefits of its upcoming scaling solutions. LBX Peg is officially an ERC-621 token — building upon the ERC-20 standard — which grants the required flexibility in the total supply to match the quantity of GBP held in the segregated bank account.
LBX said it also has plans to launch on a number of other blockchains too, with similar dynamics, and is currently exploring a Stellar token and Plug Blockchain variants.
The London Block Exchange (LBX) a UK based bitcoin and cryptocurrency exchange earlier this month announced the release of their new cryptocurrency payment account, LBXPay, which will grant businesses ranging from SMEs to ICOs access to an account where they can store, manage and transfer both their fiat currency and cryptocurrency holdings.
Initially aimed at this business sector, LBXPay will allow those involved in the cryptocurrency industry – such as ICOs, traders and funds – to manage their holdings, as their account. The account will be given the convenience of being able to convert holdings between fiat and cryptocurrency quickly, easily and without having to move funds between accounts or service providers.
LBXPay will allow its users to manage all balances, trades, and payments – including those to third parties and batch payments – through the LBX app.
For those with greater volumes and demands, there will be flexible access to LBX’s OTC desk and, from Q1 2019, access to an API linked directly to their LBXPay account.
All fiat holdings in LBXPay accounts will be held in segregated bank accounts, each with a dedicated IBAN and a monthly statement service. All cryptocurrency holdings will be kept securely in cold storage.
LBXPay accounts will incur a monthly cost which is payable in GBP or, for a heavily discounted rate, in LBXu – LBX’s native token available now in their token sale. Shortly after its release for businesses, LBX plans to roll out a retail version of LBXPay, where it will provide all merchants and consumers a whole new way to transact with their cryptocurrency.
Vision and mission
Our vision is to create a cryptocurrency exchange made with traditional traders. This is why we combine the best in traditional trading from the London Block Exchange, with the best cryptocurrency to create world-class crypto exchanges.
Our mission is to launch a new, safe and convenient platform for trading cryptocurrency directlyusing a fiat called the “London Block Exchange”. London Block Exchange has been developed to become a world-class cryptocurrency with one of the highest liquidity and provides absolute security at the lowest cost.
We intend to enable clients to use the London Block Exchange and cryptocurrency accounts to migrate or move (partially or wholly) position/exposure into our Group’s online trading platform efficiently, quickly and without cost, through the general use of the best back office and banking backbone and payment methods available by our group. In addition, the accumulated experience is related to Risk Management, Account Management.
Now LBX is here to help build part of a new financial ecosystem, which allows anyone to trade cryptocurrency in an easy-to-use, safe and protected environment. Here at LBX, believe that the future is for everyone.
The advantages of the LBX project:
- Major coins. LBX is going to offer trading in some of the largest cryptocurrencies and plans to be adding more.
- Mobile app. In addition to a web-based trading platform, LBX is going to be available only as a mobile application platform available on iOS and Android. Users would be able to trade in cryptos, have access to real-time market data, deposit and withdraw funds and manage their portfolio and balances in real-time.
- Services for institutional traders/brokers. LBX will offer over-the-counter services for institutional traders and brokers. They would be able to trade cryptocurrencies under preferential conditions for high volume orders. LBX currently offers trading in Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple, paired with £, € and $. There is a requirement for a minimum trade size of £25,000 per cryptocurrency.
- Offers educational services. LBX has a “College of Crypto” — an educational section on the site that gives basic information about the important aspects of blockchain and cryptocurrencies — what they are, how they work and explains the basic terminology of the industry. There is also information about the largest cryptocurrencies, what is an ICO, etc., and regular market reports.
- Fast deposits and withdrawals. LBX will utilize UK’s Faster Payment Service (FPS) that will reduce the processing time of fiat deposit and withdrawals. Additionally, users of the FPS will be able to seamlessly exchange cryptocurrencies for fiat (GBP) and the other way around. However, the service will be available only for premium and pre-registered users. They will also benefit from no deposit fee and low withdrawal fees.
About The London Block Exchange Team
Benjamin Dives – Founder and CEO
Jono Mcleod – Co-founder and Head of operations
Adam Bryant – Executive Chairman
Matt Belton – Business development and Operations Manager
Michail Ballis – Head of Marketing operations
London Block Exchange Conclusion
If the project does go ahead without any regulatory intervention, this is a fantastic development for cryptocurrency users in UK. Being able to spend cryptocurrencies for everyday expenses is the ultimate holy grail for those who believe in cryptocurrency.
For more information, please visit the link below:
Website: https://lbx.com/
Telegram: https://t.me/lbxcommunity
Facebook: https://www.facebook.com/LondonBlockExchange
Twitter: https://twitter.com/LBXSocial
Whitepaper: https://hub.lbx.com/hubfs/token-sale/LBX_Whitepaper_v1.0.pdf
Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=1783327
mytherwallet: 0xb7cA53C6b42E6B8a5bEFA6d3C4B24Bf8ce6c82bD
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