On September 29, one of the UK’s biggest crypto exchanges, The London Block Exchange (LBX) announced the official launch of the “first cryptopound” called LBXPeg. According to the article released on the website of LBX, the GBP-secured cryptocurrency is to be on a 1:1 basis with the value of GBP that is held in an auditable U.K bank account.
In the interview with Business Insider, Benjamin Dives, The CEO of LBX stated:
“We will be ready for the first cryptopound to be minted in the next 10 days. The primary use case will be settlement for OTC trades in the London market, then commonwealth exchanges where they don’t have fiat banking, and then securities tokens who want to pay dividends in a cryptopound.”
As mentioned in the announcement of London Block Exchange, the LBXPeg will be more than just a stablecoin, coming with variety of build-in use cases like ethereum based company dividend distribution operating via smart contracts for the shareholders.
The “cryptopound” will be operating on the extension of Ethereum’s popular ERC-20 – called ERC-621 standard.
Following the initial release, the LBXPeg is to be enabled to transfer worldwide with a short amount of time. It will explore tying its value to other accounts holding fiat currencies like USD and EUR, in order to improve its stability and scope.
Since the London Block Exchange was opened in November 2017, it has become one of the country’s most remarkable crypto exchanges. LBX promises completely transparent auditing processes to its users, and is known by its well appealing and designed, user-friendly app.
Author: Sarah Tuuli