London Block Exchange Announces New Pound-Pegged Cryptocurrency

London Block Exchange (LBX), a cryptocurrency exchange platform based in London’s Canary Wharf, has announced its plan to release its own cryptocurrency – a stablecoin linked to the pound sterling.

Tied to the mast

According to the company blog, LBXPeg (as the coin will be called) is required because current stablecoins are inadequate due to their “opaque management structures, distribution schedules and auditing processes”.

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LBXPeg will be created on the Ethereum blockchain (“as the platform is transparent, efficient and close to reaping the benefits of its upcoming scaling solutions,”) and will be backed by GBP held by the firm in a segregated bank account.

The company says that it will consider pegging the currency to euro and dollar accounts too “to improve both its scope and stability.”

Searching for stability

Stablecoins, or cryptocurrencies backed by fiat currencies/physical assets, are proving increasingly popular options for people…