Stablecoins for other fiat currencies will reportedly also be using asset digitization tech…
London Block Exchange, the first UK-focused crypto exchange, recently announced the GBP-Peg, the first ever digital pound sterling.
Originally announced as the LBXPeg, the stablecoin was developed through the company’s partnership with AlphaPoint, a blockchain company that enables institutions to launch digital assets and digital asset exchanges.
allows businesses and institutions to issue digital assets and asset exchanges.
As stated in a press release published on Tuesday, LBX has a “segregated, onshore and auditable UK bank account dedicated to GBPP.” All pound sterling in this account is represented by an equivalent number of GBPP on the blockchain.
Both GBPP and stablecoins based on other fiat currencies (the Euro or the US Dollar, for example) will reportedly make use of AlphaPoint’s asset digitization tech.
“GBPP will help boost mainstream usage of other cryptocurrencies by allowing investors to realize the technological benefits of instantaneous transactions, decreased volatility, and increased liquidity,” said LBX CEO Benjamin Dives in a statement. “We are excited to partner with AlphaPoint, a globally trusted brand with technology that will help us deploy and maintain a robust network in a trusted and compliant manner.”
According to AlphaPoint, digital GBPP will enable users to transfer money across borders more easily, making the process “traceable, trustworthy, and frictionless,” while opening up additional liquidity opportunities.
“AlphaPoint believes that digital assets and blockchain technology are going to fuel the creation of new wealth and LBX is a perfect example of how organizations are leveraging AlphaPoint’s transformative technology to help democratize access to the cryptocurrency markets and create new liquidity opportunities,” said AlphaPoint CEO Salil Donde. “By digitizing the pound, firms can now accept GBPP for purchases without needing to move into and out of fiat.”
Earlier this year, London Block Exchange opened up its crypto exchange to include Basic Attention Token, STATUS, Golem, OmiseGo and 0x for trading, while also announcing that its users will now be able to access the Faster Payments Service.