With Stablecoins gaining popularity amongst crypto investors, the first ever GBP backed Stablecoin, LBXPeg is about launching. This is coming from a recent report by a UK startup.

London Block Exchange (LBX)

London Block Exchange (LBX), a UK startup made it known that it has plans to launch a crypto coin, which is pegged to the British Pound. LBX provides over the counter crypto trades and is also building a crypto exchange. LBX report that permission from a banking partner is now official and the startup can now launch a new cryptocurrency. The new coin will have the backing of a UK pound sterling reserve.

The startup CEO, Benjamin Dives, in an interview, states that: “We would be ready for the first crypto pound to be minted in the next 10 days.” He further states that: “The primary use case will be a settlement for OTC trades in the London Market, then commonwealth exchanges where they don’t have fiat banking, and then securities tokens who want to pay dividends in a crypto pound.”

The use of Stablecoins has become quite common and several top currencies backed Stablecoins has surfaced in recent times. Stablecoins got to a mainstream crypto audience just last year. This is as a result of the good run, Tether, a Stablecoin pegged with the US dollar is having. Since the value of these coins is attached to a real-world asset, (USD in the case of Tether), price stability to some extent becomes almost guaranteed.

Positive News for GBP and the Entire Crypto Community

Since the GBP itself is a top tier currency, the success of the LXBpeg will surely bring about a healthy competition. It will also help to bring more investor to focus their attention on Stablecoins and further development ensue.

Several members of the Cryptocurrency community commends the efforts of the UK startup and hope the idea becomes a successful one.