London Block Exchange (LBX) announced the launch of LBXPay, a cryptocurrency payment account, which will allow crypto- and blockchain- businesses to manage, store, and transfer their fiat money and cryptocurrency holdings, according to its official press release on October 10.
With Crypto In Mind
LBXPay users will be able to access their crypto and fiat holdings through the LBXPay app, wherein their fiat will be placed securely in segregated bank accounts, each having a dedicated International Bank Account Number (IBAN) as well as a monthly statement service. Meanwhile, all cryptos will be kept in cold storage.
Consequently, users will have the comfort and convenience of converting between fiat and crypto quickly, and without having to transfer funds between different accounts or service providers.
Maintaining the said accounts will incur a monthly fee which can be paid either through GBP or LBXu—LBX’s own token—at a considerably discounted rate. As for those with higher demands and volumes, LBX will be opening its OTC desk. Furthermore, they will be given access to an API linked directly to their account, which, according to the multi-crypto exchange, will be ready come 2019.
Ending The Crypto Stigma
The London-based multi-cryptocurrency exchange admitted that it is providing the service with crypto businesses in mind, including traders, crypto funds, and those engaged in ICOs.
The firm stated:
There is a stigma in the traditional banking sector against the rise of cryptocurrencies, stemming mainly from its perception as a tool for laundering funds from illegitimate activities. This stigma has caused headaches for those who wish to trade their cryptocurrency back to fiat, as banks have been unwilling to accept deposits or facilitate transactions.
LBX continued, saying that compliant businesses, therefore, would need an account which will “not impede” their potential to make profits from cryptocurrency or even stand in the way of blockchain innovation, intentionally or inadvertently.
Since its creation in 2017, LBX has been catering to the crypto needs of those situated in the UK, and it remains to be seen if it will be expanding to neighboring countries and possibly to the rest of the world.
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