U.K. Crypto Exchange to Issue a New GBP-Pegged Stablecoin

U.K. Crypto Exchange to Issue a New GBP-Pegged Stablecoin

The London Block Exchange opened last November is going to launch a new pound-pegged cryptocurrency LBXPeg in 10 days. According to the official statement, the new cryptocurrency (aka “cryptopound”) “will be tied to the value of pound sterling (‘GBP’) held in an auditable UK bank account on a 1:1 basis.”. LBXPeg is going to be provided by the Ethereum blockchain, later The LBX will be using other platforms if their compliance controls can be maintained.

Trustworthy Stablecoin

Benjamin Dives, London Block Exchange CEO, promised that the new cryptocurrency would be a true stablecoin as the other stable cryptocurrencies are not adequate for users:

“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.”

The interest in stablecoins is growing in the market. Cameron and Tyler Winklevoss, the founders of the digital asset exchange “Gemini”, created Gemini Dollar (GUSD) tied to the USD. Also, the Union Bank AG of Liechtenstein became the first bank in the world to provide a stablecoin that is pegged to the Swiss franc. 

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