A UK startup has reported plans to launch another digital currency pegged to the British pound. The London Block Exchange, which does over-the-counter crypto trades and is building a crypto exchange and card, reported that it has gotten authorization from an anonymous banking partner to launch another digital currency, which is as of now being named as the LBXPeg, backed by reserves of UK sterling.
The one-for-one reserves equivalent coin will be held in a record at the third party bank guaranteeing coin holders a guaranteed support of the British Pound. LBX’s CEO, Benjamin Dives, was likewise cited saying that the reserves will likewise be consistently audited by a top accountancy firm. He likewise included that he trusts the LBXPeg will be the first alleged “stablecoin” to be pegged to the pound.
To cite Benjamin as covered by a few media:
“We would be ready for the first crypto pound to be minted in the next 10 days,” Dives told Business Insider.
“The primary use case will be a 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 crypto pound.”