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The London Block Exchange, a financial firm that conducts over-the-counter crypto trades and operates a crypto exchange, is reportedly planning to launch its own stablecoin pegged to the British pound: LBXPeg.

According to a recent report by Business Insider, the LBX has received permission from an unnamed banking partner to launch LBXPeg, which will be tied 1:1 to GBP that will be held and audited within a third-party bank.

“The primary use case will be settlement for OTC trades in the London market, then commonwealth exchanges where they don’t have fiat banking, and then securities tokens who want to pay dividends in a cryptopound,” said¬†LBX’s CEO, Benjamin Dives.

The LBX currently allows for direct fiat trading for a number of cryptocurrencies, including BTC, ETH, LTC and XRP, through a mobile and desktop interface. The first LBXPeg should be minted sometime in the next 10 days, according to Dives.

LBXPeg enters a stablecoin market that is becoming increasingly crowded. In the last few weeks, Circle launched the dollar-pegged USD Coin (USDC), Gemini, launched the Gemini dollar (GUSD), and Andreessen Horowitz invested $15 million into MakerDAO (MKR), the creator of stablecoin Dai (DAI).

More:¬†A UK startup is planning to develop a ‘crypto pound’ as the sector goes crazy for ‘stablecoins’
Related: Binance Will List PAX/BNB Stablecoin Trading Pair as an Alternative to Tether

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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