Roundup – First ‘Cryptopound’, adoption of xRapid & more

London Block Exchange launches first ‘cryptopound’

The London Block Exchange is the first exchange to launch a “Cryptopound”. As the name suggests the stablecoin will be backed by the British Pound and is called LBXPeg. The London Block Exchange is one of the largest crypto exchanges in the UK. The recent development showed that many exchanges are launching their own stablecoins now to offer their clients a trustworthy alternative to Tether.

LBXPeg is based on the ERC-621 standard on the Ethereum blockchain. This standard is an extension of the popular ERC-20 standard and differs from it mainly in one point. The supply in ERC-621 can be modified in hindsight. This is the most useful standard for the the London Block Exchange as it plans to adjust the supply according to the demand. In its official announcement the exchange noted also that it “will explore tying the product’s value to accounts which hold other fiat currencies – such as EUR and USD”.

Malta Prime minister United Nation Crypto is the Future of Money

During the just concluded 72rd General Debate, Malta Prime Minister Joseph Muscat has advocated in front of the UN that cryptocurrency is the future money. He further went ahead to state that this form of digital innovation is unstable in several was. According to him, it will inevitably change the nature of financial services. Malta is a haven for many blockchain companies and startups. Even giants of the industry like Binance, OKex and Tron have their headquarters in Malta.

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Brad Garlinghouse: Three companies use xRapid

Brad Garlinghouse announced yesterday during Ripple’s Swell conference that three companies are using xRapid.

MercuryFX, Cuallix, and Catalyst Corporate Credit Union are the first three companies to use the financial transaction service commercially. It outperforms existing transaction services in speed and cost-efficiency including Ripple’s own xVia and xCurrent. However, the reliability of xRapid is based on the liquidity of XRP.