LBX makes history minting worlds first "crypto pound," a stablecoin tied to GBP

13 Nov, 2018
by David Borman
LBX makes history minting worlds first crypto pound, a stablecoin tied to GBP

Today the London Block Exchange (LBX) announced on their blog that they have officially launched the LBX Peg (GBPP), a stablecoin that is pegged 1:1 with the pound sterling (GBP). This is the first stablecoin to be pegged to the GBP, though already many exist for USD, most notably Tether.

Like Tether, LBX claims to have 1 GBP to back up every GBPP in a segregated bank account which, in theory, should make it easy to audit. The hope is like other stablecoins it will add a means to move fiat value around quickly without having to actually convert to fiat. From the blogpost:

"LBX Peg allows users to transfer the digital equivalent of GBP quickly, easily and on a global scale through a decentralised network. It makes the transfer of money traceable and trustless and, as such, has a wide range of use cases; from payments to merchants to a smart contract-based distribution of dividends for a company’s shareholders."

Initially the coins are being issued on the Ethereum blockchain, in fact the first transaction can be viewed here. LBX says it has plans to expand onto other blockchains, and is already working on "Stellar token and Plug Blockchain" variants at this time.

Stablecoins have been a hotly debated topic lately, with more it seems popping up each day. Still, this being the first GBP pegged coin should be attractive to investors in Great Britain, if not the rest of the world. Will it become popular? Stick with Chepicap for all updates.

Read more: Another day, another new stablecoin - StableUSD (USDS) intended to rival Tether

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Read more about: Tether (USDT)


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