London Block Exchange, the first multi-cryptocurrency exchange dedicated to the UK market, just announced the first ever digital pound sterling. The stablecoin called GBP-Peg was created through a partnership with leading global blockchain technology company AlphaPoint, which is focused on enabling institutions to issue digital assets and to operate digital asset exchanges.
GBP-Peg was initially announced as LBXPeg. LBX has a segregated, onshore, and auditable UK bank account dedicated to GBPP. All GBP held in this account is represented by an equivalent number of GBPP tokens on the blockchain. GBPP and a future suite of stablecoins based on additional fiat currencies such as the Euro and the U.S. Dollar, will also leverage AlphaPoint’s asset digitization technology.
“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 Benjamin Dives, London Block Exchange CEO. “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.”
The digitization of GBPP will benefit businesses, traders, and consumers as it will enhance the seamless transfer of money across borders – making the transfer of money traceable, trustworthy, and frictionless.