The London Block Exchange (LBX) a UK based bitcoin and cryptocurrency exchange earlier this month announced the release of their 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 their fiat currency and cryptocurrency holdings.
Initially aimed at this business sector, LBXPay will allow those involved in the cryptocurrency industry – such as ICOs, traders and funds – to manage their holdings, as their account. The account will be given the convenience of being able to convert holdings between fiat and cryptocurrency quickly, easily and without having to move funds between accounts or service providers.
LBXPay will allow its users to manage all balances, trades, and payments – including those to third parties and batch payments – through the LBX app.
For those with greater volumes and demands, there will be flexible access to LBX’s OTC desk and, from Q1 2019, access to an API linked directly to their LBXPay account.
All fiat holdings in LBXPay accounts will be held in segregated bank accounts, each with a dedicated IBAN and a monthly statement service. All cryptocurrency holdings will be kept securely in cold storage.
LBXPay accounts will incur a monthly cost which is payable in GBP or, for a heavily discounted rate, in LBXu – LBX’s native token available now in their token sale. Shortly after its release for businesses, LBX plans to roll out a retail version of LBXPay, where it will provide all merchants and consumers a whole new way to transact with their cryptocurrency.