LBX will be initially utilising the Ethereum blockchain to develop, distribute and manage LBXPeg as the platform is transparent, efficient and close to reaping the benefits of its upcoming scaling solutions. LBXPeg will be an ERC-621 token – building upon the ERC-20 standard – which will grant the required flexibility in the total supply to match the quantity of GBP held in the segregated bank account. LBXPeg will also be issued on other blockchains where compliance controls can be maintained
On October 10, the London Block Exchange (LBX) announced the launch of their new digital currency payment account called LBXPay. The role of LBXPay will be to act as a platform through which small enterprises and ICOs can store, manage and transfer both fiat money and digital assets.
The traditional banking sector is opposed to the adoption of virtual currencies due to the perception that such assets are used to fund illicit activities such as money laundering. For this reason, individuals who wish to convert their crypto assets into fiat are often faced with problems, mainly because most institutions do not support cryptocurrencies.
Moreover, enterprises have had to endure delayed payments, restriction of services and in severe cases, closure of accounts.
The LBXPay platform is a solution to the challenges mentioned above. It allows businesses to freely engage in cryptocurrency transactions without worrying about adverse implications. Additionally, the account offers a convenient means of converting fiat currencies into crypto and vice versa.
In addition, LBXPay enables its users to easily manage all balances, transactions and payments using the LBX app. Consumers who wish to transact in high amounts can do so on the LBX OTC trading desk. Furthermore, these wealthy investors will have access to an API linked to their LBXPay account as from early next year.
Notably, all fiat holdings in LBXPay accounts will be stored in segregated banks accounts with a monthly statement and a designated IBAN. On the other hand, digital assets will be held in cold storage wallets.
LBXPay account holders will be required to pay a monthly fee. This fee is payable in either GBP or LBXu, the native cryptocurrency of the London Block Exchange. Users who pay in LBXu will get substantial discounts. After the release of the enterprise version, LBX will make LBXPay available to retail investors.
The London Block Exchange was introduced in November 2017 as an OTC trading platform. The company strictly adheres to KYC and AML regulations. Its users receive daily updates on market developments through the Telegram app or the LBX news channel.
The London Block Exchange is the pioneering crypto exchange platform that exclusively serves the UK market. Its services are reliable, safe and simple, and are accessible through the web or via the mobile app. Currently, LBX supports 12 digital currencies and plans to add more in the future.
THE LBX TOKEN PRESALE IS NOW LIVE!
Introducing the LBXu token – the gateway to an ecosystem of exciting new products and services including:
- LBX Pay – the UK’s first crypto payment account
- Unlock hidden features in our brand new advanced trading platform
- Enhanced high speed API access, LBX Custody and OTC fee reductions
- LBX Markets security token exchange
LBX utility token – LBXu
They are launching a utility token, LBXu that gives discounts to buyers when they stake or spend on our platform. The presale will run from 1st September 2018 to 30th November 2018 and tokens can be purchased using ETH, GBP and BTC.
All tokens sold during the presale will be released to contributors in tranches over a period of 25 months in order to mitigate the effects of oversupply. Any unsold tokens from the presale will be added to the distribution of the public sale. The public sale is governed by an open and fair monthly ‘blind’ auction to create a supply level that matches the growth of the utility ecosystem. During this phase, tokens can be purchased using ETH.
The maximum total supply of LBXu is 250,000,000 tokens.
Overview of the supply of LBXu tokens
The total circulating supply of LBXu over five years will reach 212,500,000, assuming there are no buybacks and/or burns and that our reserve provision is not released into open circulation. Note that the total supply of LBXu will be 250,000,000.
Presale and public sale
There are two distinctly separate sections in their token sale, both with unique terms and conditions:
LBXu Tokens Distribution
Use of funds
The ETH we raise from the token sale will be utilized for the following purposes, in the associated ratios:
ETH WALLET: 0x874ed4B1Ea1F3e1878f9d9b99aFe44dE18e91D32