Crypto Payment Account Introduced By London Block Exchangebr>
The London Block Exchange (LBX) will be offering a new service that will allow traders and companies to store and transact both fiat and cryptocurrencies.
Based in the UK, LBX is multi-cryptocurrency exchange built to help consumers and institutions across the country to join the digital money revolution. The exchange currently offers GBP pair trading in bitcoin, ethereum, Litecoin and Ripple, with a packed release schedule of new coins and tokens for 2018.
Called LBX Pay, the new service enables users to store, control and transfer their fiat and cryptocurrency holdings. It will initially be offered to businesses involved in the cryptocurrency industry, such as initial coin offerings (ICO), traders and funds.
“LBXPay will allow its users to manage all balances, trades and payments – including those to third parties and batch payments – through the LBX app,” the company said. “For those with greater volumes and demands, there will be flexible access to LBX’s OTC desk and, from Q1 2019, access to an API linked directly to their LBXPay account.”
All fiat holdings will be held in segregated bank accounts, each with a dedicated IBAN and a monthly statement service, while cyptocurrency holdings will be kept securely in cold storage. LBXPay accounts will incur a monthly cost which is payable in GBP or LBXu, the firm’s native token.
Shortly after its release for businesses, the company plans to roll out a retail version of the service, where it will “provide all consumers with a whole new way to interact with their cryptocurrency.”