London Block Exchange officially launches the first ‘Cryptopound’

The London Block Exchange, LBX, is proud to announce that they are releasing their own stablecoin, LBXPeg, which will be tied to the value of pound sterling (‘GBP’) held in an auditable UK bank account on a 1:1 basis.

LBXPeg is required in the market as although the appetite for stablecoins is growing, trust in current projects remains flat. Through opaque management structures, distribution schedules and auditing processes, many available stablecoin offerings are inadequate for the needs of businesses, traders and consumers. They need a product that they can trust to be managed in a correct and compliant manner.

LBXPeg will allow users to transfer the digital equivalent of GBP quickly, easily and on a global scale through a decentralised network. It will make 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.

LBX will be initially utilising the Ethereum blockchain to develop, distribute and manage LBXPeg as the platform is transparent, efficient and close to reaping the benefits of its upcoming scaling solutions. LBXPeg will be an ERC-621 token – building upon the ERC-20 standard – which will grant the required flexibility in the total supply to match the quantity of GBP held in the segregated bank account. LBXPeg will also be issued on other blockchains where compliance controls can be maintained.

After LBXPeg’s initial release, LBX will explore tying the product’s value to accounts which hold other fiat currencies – such as EUR and USD - to improve both its scope and stability.”

LBX opened in November 2017 for OTC trades and in addition to UK banking and a user-friendly app backed by world-class London-based customer service. It also follows rigorous KYC/AML protocols.