Digital currency businesses have seen several difficulties in securing banking services in the UK and now they have a new option. LBX has launched a new service which offers access to an account where customers can store, manage and transfer both their traditional currency and their holding of digital currency.

The London Block Exchange has explained that the service is initially aimed at the business sector. The new service, LBX Pay will be available to those who are involved in the cryptocurrency industry such as traders, ICOs and funds. The service will enable customers to convert holding from traditional currency to crypto without the hassle of moving funds between accounts or service providers. After its release for businesses, LBX aims to bring out a retail version of the service, where it will

“provide all consumers with a whole new way to interact with their cryptocurrency.”

The service will let users manage all balances trades and payments through the same app, this also includes third parties and batch payments. The company adds that for those with greater volumes and demands, there will be an adjustable access to LBX’s OTC desk and, from the first quarter of next year an access to an API linked directly to their account.

The company has said that all holdings of traditional currency in LBX Pay accounts will be held in segregated bank accounts, each has a dedicated IBAN and a monthly statement service. All cryptocurrency holding will be kept in ‘cold’ storageLBX didn’t make public that is banki9ng partner enabling this service, however, back in June this year Reuter reported that the exchange struck a deal to open a bank account with the British startup, Clearbank which launched last year by the founder of the payments group Worldpay, Nick Ogden.

LBX opened up in November last year for OTC trades and with UK banking, it is also an e-wallet services provider which is signed with the UKs Financial Conduct Authority and follows strict protocols by the KYC/AML. Earlier in the year there was added support for Bitcoin Cash on LBX against the British Sterling.

What do you think about LBX Pay? Let us know what your thoughts are down in the comments below!

Reference:

bitcoin.com