Pound sterling pegged stablecoin launched

Stable Coins : What Are They?

Pound sterling pegged stablecoin launched

Crypto exchange London Block Exchange announced the launch of the stablecoin LBXPeg pegged to GBP at a 1: 1 ratio.

According to Benjamin Dyvis, CEO of the company, the issue of the crypto pound will be completed within the next 10 days. LBXPeg is expected to be primarily used for over-the-counter transactions in the local market, followed by non-fiat partner exchanges and issuers of tokenized securities for dividend payments..

The organizers strive to attract UK crypto traders, therefore they promise a completely transparent audit of operations, management structure and distribution schedules, that is, take into account all the main factors of criticism of USDT. Stability will also be ensured through additional integrated tools, such as the distribution of company dividends to shareholders using Ethereum-based smart contracts..

Pound sterling pegged stablecoin launched

First, the crypto pound will start functioning as an ERC-621 token (a variation of ERC-20), which will provide it with flexibility. However, in the future, they plan to transfer it to another blockchain that fully meets the requirements of auditors..

In Europe, they are beginning to be more and more friendly towards cryptocurrency, but this is facilitated not only by representatives of the cryptoindustry, but also by government officials. Recently, the Prime Minister of Malta at a UN meeting called the cryptocurrency «money of the future».

text: Ivan Malichenko, photo: Bingapis, Bloomberg