LBX which stands for London Block Exchange is basically a UK based crypto currency exchange. This has been created to aid the institutions and consumers in London and also across the United Kingdom to join the digital money revolution. The LBX is known to launch a Visa card, the Dragoncard that will allow the users to spend their Bitcoin savings. This particular card has been designed to overcome a key issue of Bitcoin. This will convert holdings in bitcoins and also other crypto currencies to pounds. This will let the users conduct day-to-day transactions as though with the use of a credit or a debit card. More details have been furnished related below in this article.
LBX is known to make use of the Ethereum blockchain in order to develop, manage and distribute LBXPeg. The platform is efficient and transparent and also close to reaping the advantages of its upcoming scaling solutions. LBXPeg will make use of an ERC621 token which is based on the ERC20 standard. This will grant the required flexibility in the total supply in order to match the quantity of GBP held in the segregated bank account. LBXPeg will also be launched on other blockchains as well where compliance controls can be maintained.
The LBXPeg will also allow the users to transfer the digital equivalent of GBP quickly and also easier on a global scale with the help of a decentralized platform. it will actually make the transfer of money traceable.
How does it work?
When a user will make a transaction with the help of the Dragoncard, LBX will pay the merchants in pounds and will withdraw crypto currency from the wallet of the user and then convert it into pounds. LBX is known to charge a 0.5% fee for processing the payment. LBX is actually the first to launch a card that is meant for all the major crypto currencies. The exchange has been provisionally approved by the financial conduct authority, the UK’s financial regulator.
The wallet app of LGX is known to offer real-time market data and also permit the users to exchange between crypto currencies. LBX has already received 2 million pounds in funding for the project.
The platform is known to make use of LBXPeg tokens that are known to serve a variety of purpose within the platform. The platform makes use of ERC621 tokens that are based on the ERC20 standards. This will also grant the required flexibility in the total supply so that the quantity of GBP held in the segregated bank account is matched. LBXPeg will also be launched on other blockchains as well where compliance controls can be maintained.
Thus, from the above discussion, it can be concluded that LBX is an innovative platform that has been launched for the digital money revolution. It is a UK based platform that makes use of LBXPeg tokens. to know more visit the official site of the project.
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