Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » London Block Exchange To Introduce Pound Pegged Stablecoin

London Block Exchange To Introduce Pound Pegged Stablecoin

Kelly Cromley by Kelly Cromley
Oct 5, 2018
in News
Reading Time: 3 mins read
0

In the last few months, the crypto currency sector has seen quite a few stable coin launches in the United States and elsewhere as investors have requested it. A comparable demand wave appears to have started in the UK, as a UK based start-up has presently declared that it would be creating a stable and tokenized form of the British Pound.

A recently established UK firm has divulged plans to build a new cryptocurrency pegged to the British pound. The London Block Exchange, which is involved in OTC (over-the-counter) crypto trades and is working to establish a crypto exchange and card, revealed that it has gotten consent from an unidentified banking associate to release a new cryptocurrency, which is presently being named as the LBXPeg, backed by deposits of UK sterling.

The Pound reserves pegged to the coin will be maintained in an account at the third party bank guaranteeing coin holders a trustworthy backing of the British Pound. LBX’s CEO, Benjamin Dives, was also cited stating that the deposits will also be regularly reviewed by a topmost accountancy firm.

In addition he assumes the LBXPeg will be the original so-called “stablecoin” to be pegged to the pound.

Benjamin said

“We would be ready for the first crypto pound to be minted in the next 10 days. The primary use case will be a settlement for OTC trades in the London market, then commonwealth exchanges where they don’t have fiat banking, and then securities tokens who want to pay dividends in a crypto pound.”

Stablecoins – a favorite among investors and traders

Stablecoins rose to popularity last year after its relevance in crypto world was understood through Tether, a crypto pegged to the dollar. As these cryptocurrencies prices are pegged to less volatile assets, usually the dollar, they form a prime role in giving price steadiness of a conventional currency but still preserve their interoperability and electronic nature.

Therefore, they are celebrated by investors, traders, and exchanges as they offer brief security in offsetting the instability of cryptocurrencies. But gradually these appear to be there as a bridge between the conventional and digital monetary worlds as fresh speculators find solace in having them and acquire first-hand knowledge prior to hopping into crypto investing.

The requirement for these stablecoins is so enormous that according to an article published by crypto wallet provider Blockchain there are presently in excess of 50 stablecoin ventures under progress. The report states that 23 stablecoins (40%) are active and available for real-world use, while 34 stablecoins (60%) are currently at the pre-launch phase.

Thedocument also points out that the use of stable coins has been beyond comparison as

“The total market value of all stablecoins is $3 billion, or 1.5% of the total market value of all crypto assets; Tether comprises 93% of the all stablecoin market value”

Tether (USDT) remains as the second most actively traded crypto, with nearly 60% of Bitcoin’s daily trading volume. The crypto also became one of the top-10 crypto asset rankings by market value earlier this year.

As far as exchange listing is concerned, the report states

“Stablecoins are listed on over 50 different exchanges at present, with Tether featuring the greatest number of total individual exchange listings (at least 46). Stablecoins have had success gaining listings on major exchanges, with eight stablecoins (42% of live coins) featuring one or more Tier-1 exchange listings: Tether (6), TrueUSD (5), SteemDollar (4), NuBits (2), BitBay (2), Gemini (2), Paxos (2), Numins (1), STASIS (1), HelloGold (1)”

With demand for stablecoins rising exponentially in the US, a Pound pegged crypto would definitely make the competition healthier.

Previous Post

TRX Crypto To Be Integrated In BitTorrent Incentive Model

Next Post

Bitcoin Data Shows 36% In Circulation Lost, 22% With Speculators

Related Posts

wom protocol

WOM Protocol Launches Layer 1 Blockchain to Power SocialFi

by Kelly Cromley
Jul 12, 2025
0

WOM Protocol, a pioneer in decentralized word-of-mouth marketing, has unveiled the Testnet of its own EVM-compatible Layer 1 blockchain. This...

unique network partners with tapnation for crypto rewards

TapNation Game Adds Seamless Crypto Rewards via Unique Network

by Kelly Cromley
Jul 12, 2025
0

Unique Network, a blockchain infrastructure firm operating within the Polkadot ecosystem, has successfully partnered with mobile game publisher TapNation to...

us bank

U.S. Bank Pioneers Blockchain-Based Trade Finance

by Kelly Cromley
Jul 12, 2025
0

U.S. Bank has become the first American financial institution to successfully carry out a fully digital trade finance transaction, signaling...

Zypto

Zypto Expands Real-World Crypto Utility with Visa Card and Mobile Top-Ups

by Kelly Cromley
Jul 12, 2025
0

Zypto, a rising player in blockchain-based fintech, has introduced two key services that significantly broaden the everyday utility of digital...

zeus network

Zeus Network Launches Bitcoin Airdrop for Solana Users

by Kelly Cromley
Jul 12, 2025
0

Zeus Network has unveiled a new Bitcoin Airdrop campaign aimed at active participants within the Solana blockchain ecosystem. This initiative...

circle partners with sei

Sei Blockchain Integrates Native USDC to Boost Multi-Chain Finance

by Kelly Cromley
Jul 12, 2025
0

Sei, a high-performance Layer-1 blockchain recognized for its speed and suitability in powering digital asset markets, is poised for a...

Next Post
Bitcoin Data Shows 36% In Circulation Lost, 22% With Speculators

Bitcoin Data Shows 36% In Circulation Lost, 22% With Speculators

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • Hyper Foundation Launched to Boost Hyperliquid Blockchain Development

    by Kelly Cromley
    Oct 15, 2024
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025

Recent News

wom protocol
Market News

WOM Protocol Launches Layer 1 Blockchain to Power SocialFi

by Kelly Cromley
Jul 12, 2025
unique network partners with tapnation for crypto rewards
Market News

TapNation Game Adds Seamless Crypto Rewards via Unique Network

by Kelly Cromley
Jul 12, 2025
us bank
Market News

U.S. Bank Pioneers Blockchain-Based Trade Finance

by Kelly Cromley
Jul 12, 2025
Zypto
Market News

Zypto Expands Real-World Crypto Utility with Visa Card and Mobile Top-Ups

by Kelly Cromley
Jul 12, 2025
zeus network
Market News

Zeus Network Launches Bitcoin Airdrop for Solana Users

by Kelly Cromley
Jul 12, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree