- New startup London Block Exchange is launching a
prepaid card linked to an
app that may let
individuals spend and maintain cryptocurrencies.
- The startup has raised £2 million from personal
buyers and is headed by an 18-year Credit score Suisse
A London-startup headed by a Credit score Suisse veteran is launching a
new debit card that it claims will enable individuals to spend
cryptocurrencies throughout the UK.
The London Block Exchange (LBX) launched on Tuesday. It plans to
launch a sterling-to-cryptocurrency trade and a Visa debit
card, dubbed “Dragoncard,” that may enable individuals to spend
bitcoin, ethereum, ripple, litecoin and monero throughout the UK. The
startup plans so as to add extra cryptocurrencies in future.
The Visa card, which will likely be issued by Gibraltar-based pre-paid
card supplier Wavecrest, will likely be linked to an app that enables
customers to purchase and maintain cryptocurrencies by way of the LBX trade.
Clients will even have the ability to withdraw cash utilizing the card.
Cryptocurrencies will likely be transformed to sterling on the time of
LBX CEO and founder Ben Dives mentioned in a press release: “Regardless of being
the monetary capital of the world, London is a tough place
for buyers to enter and commerce within the cryptocurrency market.
“We’ll carry it into the mainstream by eradicating the boundaries to
entry, and by serving to individuals perceive and have faith in
what we imagine is the way forward for cash.”
LBX has to date raised £2 million from a consortium of personal
buyers who the corporate declined to call. Previous to establishing
LBX earlier this yr, Dives based brainstorming instrument Ideaflip.
Ex-Credit score Suisse and UBS banker Adam Bryant serves as LBX’s
govt chairman. Bryant spent 18 years at Credit score Suisse and
virtually two years at UBS earlier than becoming a member of LBX, working the macro
hedge fund groups at each banks.
Bryant mentioned in a press release: “We’re providing a grown up and strong
expertise for many who want to safely and simply perceive and
spend money on digital currencies. We’re assured we’ll rework
this market within the UK and can change into the main cryptocurrency
and blockchain consultancy for institutional buyers and
Clients will likely be charged a zero.5% for purchasing and promoting
cryptocurrencies on its platform and the Dragoncard has an
up-front payment of £20. LBX says card supplier Wavecrest will even
cost a small payment for ATM withdrawals.
LBX’s launch coincides with an explosion of curiosity in
cryptocurrency in 2017. Bitcoin has rocketed over 500% to date
this yr and the whole cryptocurrency market has ballooned to
near $200 billion due to the recognition of “preliminary coin
choices,” the place startups concern digital cash as a approach of
Whereas LBX is among the first corporations to supply a cryptocurrency
card within the UK, it’s prone to quickly face competitors. Revolut,
the well-funded overseas trade startup, is
growing cryptocurrency buying and selling capacities inside its app
and should nicely let customers spend the currencies on its prepaid