London Block Exchange (LBX) Opens LBXPay as New Crypto Payment Account
LBXPay – LBX’s New Crypto Payment Account
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.
LBX is proud to announce the release of our new cryptocurrency payment account, LBXPay, which will grant businesses ranging from SMEs to ICOs access to an account where they can store, manage and transfer both fiat currency and cryptocurrency holdings! https://t.co/kTKCYJjVIp
— LBX (@LBXSocial) October 10, 2018
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.