• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
Biki Exchange SMC Capital Invest and Trade London

London Block Exchange Launching Crypto Pound-Backed Stablecoin

Kevin O’Brien
by Kevin O’Brien
6 years ago
·
Posted in News, Altcoins, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The London Block Exchange said they have permission to launch a new virtual currency, the LBXPeg. The stablecoin would be backed by UK Pound Sterling reserves.


The London Block Exchange (LBX) is planning to release a new virtual currency pegged to the Pound Sterling.

The startup’s CEO Benjamin Dives told Business Insider the first “cryptopound” would be minted within 10 days.

https://twitter.com/LBXSocial/status/1045997516611899392

The company said they received permission from a still-anonymous banking partner on Friday to go ahead with the launch of LBXPeg.

This third party bank will be responsible for holding the one-to-one reserves of the new stablecoin.

Dives said that reserves will undergo regular audits by a leading accountancy firm.

The London Block Exchange touts themselves as the “only London-based cryptocurrency exchange offering safeguarded UK Banking.” They offer Over-The-Counter (OTC) services alongside a “College Of Crypto” to teach about the industry.

Welcoming The Crypto Pound

Dives said the use cases for the LBXPeg would be centralized around:

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.

In a company blog post from September 29th, the LBX said they would be initially using Ethereum’s blockchain for the development and distribution of the stablecoin.

Right now, LBXPeg will be an ERC-621 token that is built around the ERC-20 standard. The company wrote how it would be released on other blockchains “where compliance controls can be maintained.”

The LBX also noted they were open to see if they could tie the cryptocurrency to the Euro or U.S. Dollar down the road to boost scope and stability.

Stablecoin Frenzy

According to the company, LBXPeg is a necessity due to the lack of trust in current projects. This lack of trust is fueling increased interest in stablecoins.

The company believes many stablecoins on the market are,

Inadequate for the needs of businesses, traders and consumers.

Some have written about a so-called stablecoin rush. As research reveals the number of stablecoins has jumped dramatically over the last 18 months.

They have become popular because people can use them to jump in and out of positions without having to worry about capital gains taxes.

Just a few of days ago, crypto finance company Circle released their USD Coin (USDC) stablecoin, which is collateralized with the USD at a 1:1 ratio.

The news from Circle follows approval by the New York Department of Financial Services for stablecoins from Gemini and Paxos.

Others have cast doubt on the long-term viability of stablecoins. An article from the Guardian noted longstanding questions about the validity of Tether’s purported dollar deposits.

The article also noted out stablecoins that are partly or un-collateralized could see their value plummet if investors suddenly exited en mass.

What do you think about LBXpeg’s upcoming Crypto Pound? Let us know in the comments below!


Images courtesy of Bitcoinist archives, Shutterstock, Twitter/@LBXsocial.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Kevin O’Brien

Kevin O’Brien

Follow

Full Profile

Related Posts

Philippines

Philippines Authorities Move To Put Key Public Records On Blockchain After Mass Protests

8 hours ago
FOMO Fuels BNB Surge, But Analyst Warns Of Short-Term Fragility

FOMO Fuels BNB Surge, But Analyst Warns Of Short-Term Fragility

15 hours ago
BNB

BNB Price Rockets To New ATH Amid Explosive Blockchain Fee Growth – More Rally Ahead?

6 days ago
Altcoins

Altcoin Season Index Sets New 2025 High, What This Means For The Crypto Market

1 week ago
Ogromne inwestycje Galaxy Digital w SOL

Galaxy Digital inwestuje miliony w Solanę. Co to oznacza dla rynku?

1 week ago
altseason ethereum eth bitcoin btc solana sol

Altseason Index Surges to Yearly High: Is This The Start of The Biggest Rally Since 2024?

2 weeks ago
Please login to join discussion

Premium Sponsors

Press Releases

  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    3 hours ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    2 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    3 days ago
  • Snorter надхвърли $4 милиона след...

    4 days ago
  • Experience the Next Chapter of Pickleball with the $PKL Token Presale.

    Experience the Next Chapter of Pickleball with the $PKL...

    7 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.