News

Another Stablecoin Emerges, This Time Pegged To The British Pound

Another day, another stablecoin. This has been the rule in the latest days when every exchange out there is feeling the need to issue its own stablecoin and throw it into the market to see how it does. This time its a British exchange called London Block Exchange is the one that has come up with the idea of creating the first cryptocurrency pegged to the British Sterling Pound. Dubbed the LBXPeg, it will have the same traits as other stablecoins pegged to the dollar.
LBXPeg will be the first stablecoin pegged to the British Pound. The promoters of LBXPeg, the London Block Exchange, have declared that they want to address the really important thing about stablecoins: transparency and trust. Stablecoins have been often criticized due to the lack of information about the methods used to maintain its value pegged to its brother fiat currency. The London Block Exchange seeks to break this mold by being transparent, and by having the support of being a stable company that offers periodic reports of the funds maintained in a “segregated bank account”.
According to the company blog, this stablecoin will be built using Ethereum blockchain, as a token. This means that it will also have the same limitations and problems that ethereum tokens have. Despite this, they also declare that they plan to expand this initiative to other blockchains “where compliance controls can be maintained”. Also, by being associated with a big exchange, users of this coin need to meet KYC (Know Your Customer) policies.
This is yet another stablecoin that goes out to the market this year. Previously, the Gemini dollar, a stablecoin supported by the exchange owned by the Winklevoss Twins was also launched, being publicized as the first regulated stablecoin; and Circle, the payment processor, and exchange backed up by Goldman Sachs, also launched its USD Coin, using its trading arm Poloniex as a trampoline. Expect more companies to launch their own stablecoins following this trend in the near future.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…