The London Block Exchange (LBX), a UK-based over-the-counter crypto-trader and exchange operator, announced on Friday plans to launch a new cryptocurrency pegged to the British pound. Dubbed LBXPeg, the stablecoin has already been approved by an undisclosed banking partner, which will be holding the one-for-one reserves of fiat money.
According to an official LBX blog post, LBXPeg will be an ERC-621 token, building upon the ERC-20 standard. The company explained that it had chosen the Ethereum blockchain due to its transparency, efficiency and the fact that it is “close to reaping the benefits of its upcoming scaling solutions.
LBXPeg will also be issued on other blockchains where compliance controls can be maintained, LBX added. After the “cryptopound’s” initial release, the company will also explore tying the product’s value to accounts which hold other fiat currencies, such as euro and US dollar, “to improve both its scope and stability.”
Elaborating on its exact aspirations for the LBXPeg launch, LBX said:
“LBXPeg i...
This article appeared first on Cryptovest
