London Block Exchange (LBX), the London-based crypto exchange has revealed its intention to launch a pound sterling stablecoin.
The LBXPeg as the stable coin is to be known will use the ethereum blockchain and will be supported by an audited British bank, where the company has a GBR account. The company, unhappy with the opaqueness of current stablecoins, hopes to create a trusted and transparent crypto.
LBX is also toying with the idea of tying their crypto to the dollar and euro in an attempt to increase “scope and stability.”
WHY IS IT IMPORTANT?
- Stable coins are currently gaining popularity due to the increased stability they provide, however, they are also the topic for a number of controversies, for currently the most the most well-known stablecoin, the dollar-backed tether, has refused to undergo a full audit.
- LBX aim to change the current stablecoin situation by creating a transparent stablecoin.
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