A New London-Startup Block Exchange Is Launching A Prepaid Card For Cryptocurrency
LBX Launches a Prepaid Card for Cryptocurrencies
A New London-startup Block Exchange is launching a prepaid card that links to an app which enables people to spend and hold cryptocurrencies – Bitcoin, Ripple, Litecoin, Monero and Ethereum. The startup claims the prepaid card will allow people to spend cryptocurrencies across the UK.
The London-startup is headed by an 18-year Credit Suisse veteran and has raised 2 million Euro from private investors.
The London-startup Block Exchange (LBX) was launched yesterday, 14th of November with. LBX plans to take off a sterling-to-cryptocurrency exchange and a Visa debit card, which is dubbed “Dragoncard.” Dragoncard will enable people to spend Bitcoin, Ethereum, Ripple, Litecoin and Monero across the United Kingdom. However, LBX have plans to add more cryptocurrencies later in future.
Dragoncard will be issued by the Gibraltar-based pre-paid card provider Wavecrest and will be linked to a mobile application that will allow users to purchase and hold cryptocurrencies through the London-startup Block Exchange. It will also be made possible for users to withdraw money with this card. At the time of withdrawal with this card, cryptocurrencies will be converted to sterling.
The CEO and founder of LBX, Ben Dives has said in a statement: “Despite being the financial capital of the world, London is a difficult place for investors to enter and trade in the cryptocurrency market”.
He further added that “We’ll bring it into the mainstream by removing the barriers to access, and by helping people understand and have confidence in what we believe is the future of money.”
Presently, the Ex-Credit Suisse and UBS banker Adam Bryant functions as the executive chairman of London-startup Block Exchange. Adam had spent 18 years at Credit Suisse and about two years at UBS, running the macro hedge fund teams of both banks before joining LBX,
Adam stated that LBX is offering a grown up and robust experience for those who wish to safely and easily understand and invest in digital currencies. In his statement “We’re confident we’ll transform this market in the UK and will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike.”
For using Dragoncard, users will be charged a 0.5 percent for buying and selling cryptocurrencies and the prepaid card will have an up-front fee of £20. LBX stated that the card provider, Wavecrest, will also charge a token amount for ATM withdrawals.
Though LBX is one of the very first firms to deal in cryptocurrency card in the UK, there is possibility that it will soon face competition.