London Block Exchange will publish a new Stablecoin on the market. LBXPeg is the new altcoin with GBP peg that will be released soon. The exchange said it will introduce the much needed transparency that is missing in most of the stable Cryptos. The company added that after the initial version, they will try to support other legal currencies such as USD and EUR.
A GBP-pegged encryption to hit the market
The London Block Exchange has said on its website that it will release an altcoin peg in GBP. The coin will be called LBXPeg. The company stated that the pounds will be held in verifiable bank accounts in the country on a 1: 1 basis.
Benjamin Dives, CEO of LBE, told Business Insider that "Cryptopound will be ready in the next 10 days and will be used in various locations: the currency will be used by security tokens wishing to process dividends in the currency, commonwealth exchanges without fiat banking and in the settlement of OTC negotiations.
The New Stablecoin to provide various advantages
The LBX cryptocurrency exchange was launched in the United Kingdom in November 2017 and has become one of the most active in the country. The company has ventured into Stablecoin because it sees the potential of the concept. The exchange created a currency that will provide Crypto dealers in the United Kingdom with various advantages.
Although Stablecoin are popular because they are supported by a commodity, in this case legal currency, the lack of transparency keeps most of the users in the dark. For example, with the USDT, there have been questions about whether the company has enough dollar reserves for Crypto. The information provided by the companies is difficult to verify and some potential users are afraid of venturing into the industry.
LBXPeg should address these challenges as it will ensure transparency in various processes. The company will provide users with distribution programs, management structure and transparent control processes. This will give users confidence when it comes to money.
LBX said the new "Cryptopound" will allow people and businesses to transfer the GBP digital equivalent quickly and without interruption. The use of the Ethereum ERC-621 standard will give the Stablecoin the flexibility to meet fiat currency holdings in separate bank accounts. The company will proceed to tie the new currency to other verifiable accounts with other currencies such as USD and EUR in the future.
More Cryptos in the Stablecoin market
Several stable currencies have been developed in the recent past with the hope of facing various challenges associated with most cryptocurrencies such as price volatility. The USDT was among the first to hit the market and is still the most popular. However, most of these coins were not at the height of expectations. Much of the lack of transparency that drives away many users.
For some time, USDT has been the most popular Stablecoin. However, several similar coins have emerged challenging its domination in the market. Recently, Goldman Sachs' Circle Financial released a Crypto with the dollar denominated USD Coin (USDC). The company said it wants to introduce responsibility, which is missing in USDT.
Cameron and Tyler Winklevoss have exchanged cryptocurrency, Gemini has also recently announced the intention to introduce a stable altcoin. The Gemini Dollar is supported by the USD. Crypto works under the New York Department of Financial Services (NYDFS), making it the world's first fully regulated stable crypto.