A safeguarded account for third party payments
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"The London Block Exchange, LBX, is proud to announce the release of their new cryptocurrency payment account, LBXPay, which will grant businesses ranging from SMEs to ICOs access to an account where they can store, manage and transfer both their fiat currency and cryptocurrency holdings.
There is a stigma in the traditional banking sector against the rise of cryptocurrencies, stemming mainly from its perception as a tool for laundering funds from illegitimate activities. This stigma has caused headaches for those who wish to trade their cryptocurrency back to fiat, as banks have been unwilling to accept deposits or facilitate transactions. For businesses, this has resulted in delayed payments, service restrictions and even full account closures. Compliant businesses therefore need an account which will not impede their ability to profit from cryptocurrency or stand in the way of blockchain innovation.
Initially aimed at this business sector, LBXPay will allow those involved in the cryptocurrency industry – such as ICOs, traders and funds - to manage their holdings with confidence, as their account will not be in jeopardy for dealing with the proceeds of cryptocurrency. The account will also grant the convenience of being able to convert holdings between fiat and cryptocurrency quickly, easily and without having to move funds between accounts or service providers.
LBXPay will allow its users to manage all balances, trades and payments – including those to third parties and batch payments – through the LBX app. For those with greater volumes and demands, there will be flexible access to LBX’s OTC desk and, from Q1 2019, access to an API linked directly to their LBXPay account.
All fiat holdings in LBXPay accounts will be held in segregated bank accounts, each with a dedicated IBAN and a monthly statement service. All cryptocurrency holdings will be kept securely in cold storage.
LBXPay accounts will incur a monthly cost which is payable in GBP or, for a heavily discounted rate, in LBXu – LBX’s native token available now in their token sale. Shortly after its release for businesses, LBX plans to roll out a retail version of LBXPay, where it will provide all consumers with a whole new way to interact with their cryptocurrency."
LBX opened in November 2017 for OTC trades and in addition to UK banking and a user-friendly app backed by world-class London-based customer service it also follows rigorous KYC/AML protocols. Members also receive its acclaimed daily market report, which can also be viewed on Telegram on the LBX News channel.
The London Block Exchange is the first multi-cryptocurrency exchange dedicated to the UK market. Based in The City of London, LBX provides a credible, safe and easy exchange for consumers and institutional investors – delivered via its online platform and app.
This is underpinned by educational content, bank-grade security and solid governance, with 12 cryptocurrencies currently available for trade with more to be added each month.
London Block Exchange (FRN: 902014) is registered EMD Agent for e-wallet functionality by the Financial Conduct Authority under the Electronic Money Regulations 2011.