Overview
The London Block Exchange(LBX) is a UK-based cryptocurrency exchange built to help consumers and institutions in London and across the United Kingdom to join the digital money revolution. ts services are reliable, safe and simple, and are accessible through the web or via the mobile app. LBX mission is to: “open the doors for everyone to partake in the new and emerging economy”.
LBX Services
Cryptocurrency Exchange
The London Block Exchange supports market trades between British pounds and all of the listed cryptocurrencies. LBX restricts crypto-to-crypto to base markets in bitcoin and ethereum.
LBX imposes daily and monthly limits on trading volumes based on a customer’s verification status. For example, trades between cryptocurrencies and British pounds are capped at £20,000 per month for people at Level 1, £300,000 per month for people at Level 2, and £600,000 per month for people at Levels 3 or 4. Similar caps apply to crypto-to-crypto trades as well.
The Exchange lists 12 cryptocurrencies:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- OmiseGo (OMG)
- Golem (GNT)
- 0x (ZRX)
- Basic Attention Token (BAT)
- Status (SNT)
- Recently, LBX has announced a partnership with DADI.
LBX Exchange will utilize UK’s Faster Payment Service (FPS) that will reduce the processing time of fiat deposit and withdrawals. Additionally, users of the FPS will be able to seamlessly exchange cryptocurrencies for fiat (GBP) and the other way around. However, the service will be available only for premium and pre-registered users. They will also benefit from no deposit fee and low withdrawal fees.
In term of transaction fees, there are no fees for depositing crypto or fiat into LBX users' account. Cryptocurrency withdrawals are likewise free, save for a small fee to cover network mining fees. Withdrawals of British pounds incur a 2.45% fee for standard members or a 0.95% fee for premium members.
All trades incur a 0.5% fee. There is no discount for high-volume traders or for market makers.
LBX Payment Card
The LBX is launching a Visa card, the Dragoncard, that will allow users to spend their bitcoin savings. The card, designed to overcome a key drawback of bitcoin that it is not a widely accepted form of payment, will convert holdings in bitcoin and other cryptocurrencies to pounds and allow users to conduct day-to-day transactions as though with a credit/debit card.
When a user makes a transaction using the Dragoncard, LBX pays the merchant in pounds and withdraws cryptocurrency from the user's wallet and converts it into pounds. LBX charges a 0.5% fee for processing the payment. While there have been other companies to launch bitcoin cards, LBX is the first to introduce a card for all major cryptocurrencies. The exchange has been provisionally approved by the Financial Conduct Authority, the UK's financial regulator.
LBX Payment Account (LBXpay)
LBXpay Platform is a cryptocurrency payment account of LBX. The role of LBXPay will be to act as a platform through which small enterprises and ICOs can store, manage and transfer both fiat money and digital assets. The account offers a convenient means of converting fiat currencies into crypto and vice versa.
The mobile wallet is a nice addition to the LBX toolset. The app was pretty easy to navigate and transfer funds with. The charting application, however, is similar to the desktop version in that it’s a bit too basic. The interface could do with an overhaul in future updates.
The LBX wallet app provides real-time market data and allows users to exchange between cryptocurrencies.
OTC Trading
LBX Exchange has an over-the-counter (OTC) trading desk that lets institutions place large orders without affecting exchange rates. Minimum trade value is the equivalent of £100,000. Trades can be made between British pounds or euros and any of the cryptocurrencies LBX supports.
Educational Services
LBX has a “College of Crypto” - an educational section on the site that gives basic information about the important aspects of blockchain and cryptocurrencies – what they are, how they work and explains the basic terminology of the industry. There is also information about the largest cryptocurrencies, what is an ICO, etc., and regular market reports.
LBX Cryptocurrencies
LBXpeg
LBXpeg is a new stablecoin that would be linked to the pound sterling (GBP). The company believes that this stablecoin is needed due to the fact that other stable cryptocurrencies in the market do not work in the same way and have ‘opaque management structures, distribution schedules and auditing processes.’
The LBXPeg stablecoin will be powered by the Ethereum blockchain for the transparency and efficiency. Moreover, it will be backed by GBP that will be held by the firm in a segregated bank account. Additionally, the company explains that it will be also pegging the currency to euro and dollar accounts with the intention to improve stability and its scope.The LBXPeg will be a key player in the market providing stability and trustworthiness to investors.
LBXu
LBXu Token is a utility token in the London Block Exchange trading platform. LBXu is derived on the Ethereum ERC 20 blockchain technology. LBXu offers reduced costs for using LBX range of products and services across their retail exchange, security token exchange, payment accounts/payment card and custody services.
Token Sale
LBX token pre-sale is OPEN. The public sale will open at 12:00pm BST on Friday, December 7th. The pre-sale detail is described below:
LBX Team
- Benjamin Dives — Founder and CEO
- Jono Mcleod — Co-founder and Head of operations
- Adam Bryant — Executive Chairman
- Matt Belton — Business development and Operations Manager
- Michail Ballis — Head of Marketing operations
For more information about London Block Exchange (LBX), you can visit online at https://lbx.com/ or visit their Bitcointalk Announcement thread available at https://bitcointalk.org/index.php?topic=5052408.0.
Author:
Bitcointalk Username: tpq01349
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1972940
ETH Address: 0xA73fA2565C18218AC6510c8CD3B220F5794f3B84
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