LBX CEO Benjamin Dives
Driving adoption of cryptocurrency in any economic state is not as easy as it sounds. With the recent state of things happening in the space a lot of kudos would have to be given to LBX for such huge step it is taking in launching the first ever Pound-backed Cryptocurrency.
The London Block Exchange has most recently made known her intentions to launch the LBXPeg which is also known as “stablecoin”. In a recently published article by Business Insider on the 29th of September 2018, the said Exchange was permitted by their banking partner to move forward with the project. This would be backed by UK’s Sterling reserves with one-for-one ratio and held in an account at the third party bank.
LBX’s latest plans are fueled by the high activity rate and interests in “stablecoins.” These are cryptocurrencies where the price is pegged to real-world assets, usually the dollar like in the case of the Tether. This simply is to give cryptocurrencies what is called price stability of a mainstream currency while also still retaining their compatibility and digital nature.
Benjamin Dives, with the help of a Professional Accounting company, plans to introduce auditing of the UK Sterling reserves as part of ways to ensure transparency. In his speech, Dives showed great confidence in the LBXPeg Stablecoin and assured that minting of the token would be in ten days.
Amongst the 50 stable coins, LBXPeg is proud to be the first coin pegged to the British pound and this affords it specific regional advatages over existing stablecoins . In addition, the use case of the new cryptopound would be for OTC trades in the london market and also in commonwealth exchanges where there do not have fiat banking and then securities token who want to pay dividends in a cryptopound.
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...
- Move To Earn: Keep Fit, Sport, Connect and Earn on the Calo Metaverse
- Top 5 Move-to-earn Applications on Google Playstore
- Top Move-to-Earn Projects Below $100 Million Market Cap
- MetaRuffy: An Intersection of Blockchain, Web3, VR, and AR
- Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa