U.K. Crypto Exchange Launches GBP-Pegged Cryptocurrency

Altcoin News | Crypto News | Latest News

The London Block Exchange has announced the launch of a GBP-pegged cryptocurrency stablecoin called LBXPeg. In a statement posted on its website, LBX revealed that the so-called “cryptopound” will be tied to the value of GBP held in an auditable U.K. bank account on a 1:1 basis.

Speaking to Business Insider ahead of the launch, LBX CEO, Benjamin Dives said:

“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.”

Since opening in Nov. 2017, LBX has become one of the UK’s busiest crypto exchanges, and, like many other exchanges, it sees a significant value in the stablecoin concept. Taking the concept from a fresh angle designed to appeal to U.K.-based crypto traders, LBXPeg promises its users fully transparent auditing processes, management structure and distribution schedules, all of which have been major complaints about the stablecoin market lodestar tether (USDT).

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

According to LBX, the new “cryptopound” will enable seamless and fast transfer of GBP digital equivalent on a worldwide scale. In addition to just being a stablecoin, it also comes with built-in use cases such as company dividend distribution to shareholders via smart contracts using the Ethereum blockchain.

LBXPeg will initially run on Ethereum’s ERC-621 standard, which is an extension of the popular ERC-20 standard. The company says that this will provide the necessary flexibility in total supply to match the GBP holdings kept in the segregated bank account. Eventually, the plan is to LBXPeg to be issued on other blockchains subject to compliance audits.

The company further revealed that following LBXPeg’s initial release, it will explore tying the stablecoin to other auditable accounts containing fiat currencies like EUR and USD, so as to improve the product’s scope and stability.

THE COMPLETE IDIOTS GUIDE TO MARGIN TRADING ON BITMEX - Beginner Strategies for Generating Consistent Profits with Margin Trading on Bitmex

TOP 3 BITCOIN CASINO & SPORTSBETTING SITES OF 2018 - Looking to Have a Little Fun with Your Crypto? Check Out the Latest & Most Innovative Crypto Gaming & Sportsbetting Sites on the Web

Of late, USDT has faced a growing number of challenges to its stablecoin market dominance. Goldman Sachs-backed Circle Financial announced the issue of USD Coin (USDC), a dollar-pegged stablecoin that took aim at tether’s perceived opacity and lack of accountability. Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss, also recently announced the launch of the Gemini Dollar, which was billed as the world’s first fully-regulated stablecoin, operating under the oversight of the New York Department of Financial Services (NYDFS).

 

 

Syndicated from CCN

Leave a Comment

Latest Crypto News

CNBC Analyst Predicts Bitcoin Price Is ‘About To Explode Due to ETF Buzz

Bitcoin Breakout ‘Only a Matter of Time’

Bolstered by stable trading volume, growing network activity, and increasing validation on Wall Street, the bitcoin price could be on the brink of a major move to the upside. eToro senior market analyst Mati Greenspan

Tether Found a New Bank, and it Might be in the Bahamas

Tether Found a New Bank, and it Might be in the Bahamas

Tether, the controversial issuer of the USDT cryptocurrency, may have found a new banking partner in the Bahamas. Tether May Have a New Bank As first reported by The Block’s Larry Cermak, Tether — whose USD-pegged cryptocurrency

Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews



1
Bitcoin
Bitcoin
$6,519.62
0.50%
2
Ethereum
Ethereum
$207.20
0.83%
3
XRP
XRP
$0.4616
0.42%
4
Bitcoin Cash
Bitcoin Cash
$451.14
1.88%
7
Litecoin
Litecoin
$53.305
0.21%
9
Cardano
Cardano
$0.077024
0.68%
6
Stellar
Stellar
$0.2445
-0.76%
15
NEO
NEO
$16.760
0.73%
5
EOS
EOS
$5.462
1.04%
12
IOTA
IOTA
$0.5021
0.85%

Crypto Guides & Tutorials

 Crypto Reviews

Subscribe to Our Social Media Daily Crypto Memes
Follow, Like, and Share Our Memes With The World


Pin It on Pinterest

Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK