United Kingdom cryptocurrency exchange startup launches debit card for spending bitcoin

Cornelia Mascio
Novembre 15, 2017

A United Kingdom startup is launching a cryptocurrency exchange that comes with a debit card that lets users spend their bitcoin anywhere in the country that accepts Visa.

The LBX Dragoncard works by immediately performing a trade on the exchange and converting cryptocurrency into traditional funds in order to instantly purchase goods. "If a shop accepts Visa, it now accepts Bitcoin, Ethereum, Litecoin or Ripple", said LBX founder and CEO Benjamin Dives.

The exchange is now live for public pre-registration but will operate with a few institutions for the next few weeks before opening up to everyone. It has received £2m in funding and is chaired by Adam Bryant, a long-time Credit Suisse banker who ran the Swiss bank's macro hedge fund team.

Cryptocurrencies are the fastest growing asset class in history, and despite scepticism from some banks and governments around the world, have seen huge gains. Other "credible" currencies will be added to the exchange in the future.

When a shopper spends money with the card, LBX will pay the retailer in pounds and recoup the money from the shopper's online wallet, converting one of the cryptocurrencies they hold into pounds, charging a 0.5 per cent fee.

Private and institutional investors will be able to use the LBX to buy and sell cryptocurrencies, using a smartphone app and trading interface.

"We're confident we'll transform this market in the United Kingdom and will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike".

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