London Block Exchange releases stablecoin supported by pound

London Block Exchange said it was licensed to launch a new coding currency called LBX. The Stablecoin will be supported by the British Pound Sterling.

The startup’s chief executive, Benjamin Dives, told Business Insider that the first “cryptopound” will be launched in the next 10 days.

The company said it had received permission from a banking partner on Friday for the launch of LBX. Information about the partner has not been disclosed.
This third-party bank will be responsible for keeping reserves at the same level as the new stablecoin. Dives says that reserves will undergo regular auditing by a leading accounting firm.

London Block Exchange introduced itself as “the only London-based trading platform that offers protection to the British bank.” They provide OTC services and simultaneously set up a pre-coded education to teach the industry.

Welcome crypto pound crypto

Dives said the use cases for LBXP will be centered around: “OTC transactions on the London market, then the popular trading floors, where there are no fiat banks and then the securities tokens want to pay dividends with cryptopound “.
In a post on the company’s blog post Sept. 29, LBX said that initially they would use Ethereum’s blockchain to develop and distribute stablecoin.
Right now, the LBX will be a RC-621 token built around the ERC-20 standard. The company has written about how it will be released on other blockchain “where compliance controls can be maintained.”
LBX also noted that they were open to see if they could attach the coded coin to the Euro or US dollar to increase coverage and stability.

Stablecoin fever

According to the company, LBX is a necessity due to lack of trust in existing projects. This lack of trust is making people increasingly interested in stablecoin.

The company believes that the number of stable coin in the market is not enough for the needs of businesses, traders and consumers.

Some articles mention the so-called stablecoin fever. Studies show that the number of stablecoins has increased significantly in the last 18 months.

They have become popular because people can use them to enter and leave positions without worrying about rising taxes.
Just a few days ago, Circle codec financially issued their stablecoin USD Coin (USDC), which was mortgaged in US dollars at a 1: 1 ratio.

CEO – London Block Exchange

Over the past 8 weeks I have received messages from many users addressing our communication about the exchange and launch dates, so I wanted to let you know where we stand right now.

Setting up an exchange is no easy feat; it constitutes many different facets as you can imagine.

We are approaching the final stages prior to our full UK launch. We’ve staged 3 separate beta and pre-launch iOS tests to ensure stability and operability of the app. We have made countless iterative changes to smooth the user experience and to iron out anything which we felt wasn’t representative of the product we were looking to launch. Aside from some small sign-up issues which we have almost finished addressing, we are now delighted with the performance of the exchange, wallets and of course, our state-of-the-art app.

ANN Thread:

BTT profile:;u=1233872
ETH: 0x7741292bAe34Dc5dC08e6f9f11bb50Bf94a8dcD9

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