London Block Exchange Launches Crypto Payment Account LBXPay

In an effort to help the crypto markets and shunned crypto companies, London Block Exchange (LBX) launches LBXPay for clients to manage both fiat and cryptocurrencies.

Crypto Payment Account LBX PAY

LBX addresses the stigma in the traditional bankings revolving around cryptocurrencies acts for illegitimate activities. As a result, the banks decline to facilitate transactions relating virtual currencies. LBXPay is a solution to these problems. It grant businesses access to store, manage and transfer both cryptocurrency and fiat currency holdings.

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Initially, LBX pay will be accessible only to ICOs, traders, and funds to without the jeopardy for dealing with virtual currencies. The account will also help account holders to convert their virtual currencies into fiat and vice versa fairly quickly and easily.

LBX also confirmed it will allow users “to manage all balances, trades, and payments – including those to third parties and batch payments – through the LBX app”. And for users or institutions with higher volumes and demands, LBX confirms, 

There will be flexible access to LBX’s OTC desk and, from Q1 2019, access to an API linked directly to their LBXPay account.

Also Read: London Block Exchange Launching LBXPEG stablecoin backed by Pound

New Feature

Apart from allowing the users to convert between fiat to crypto, LBXPay confirms users’ accounts to store in a “segregated” bank account with “specific IBAN and monthly statement service”. And to instill confidence in its users, LBX will hold all the users’ cryptocurrency in a secure cold storage wallet.

London Block Exchange LBX

LBX came into existence back in 2017. Moreover, it offers OTC trading and a mobile app to trade popular cryptos like

  • BTC
  • ETH
  • LTC
  • XRP
  • A variety of other cryptos

The one-for-one reserves will be held in a third-party bank which will be regularly audited by top auditing company.

LBX’s CEO, Benjamin Dives, says that the top accountancy firm will regularly audit the reserves. LBX has also launched its own stablecoin pegged to the Great Britain Pound (GBP). However, this is nothing but good news from traders and investors in the crypto-space.

How soon do you think it will available to individual users?

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Image Credits- Crypto boss, AOL

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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