A great step towards the normalization of cryptocurrency has been taken by a London fintech startup, London Block Exchange (LBX). Led by a Credit Suisse veteran, the startup was launched on Tuesday and plans on releasing a new debit card, the Dragoncard. The Dragoncard will allow its users to easily perform crypto-to-sterling transactions. It has been initially planned that the card will be able to hold bitcoin, ethereum, ripple, litecoin, and monero. The debit card will also act as a normal visa debit card and will allow its users to easily use their cryptocurrency across the UK. More cryptocurrencies will be added as the customer base increases. The card will be issued by a Gibraltar-based card provider company, Wavecrest.
Moreover, the card will be linked to a mobile application that will allow them to easily transfer their cryptocurrency earning from the LBX. This will be a win-win for LBX, as users will not only be using their cards but also will be trading on the LBX platform. Trading on LBX will cost users 0.5% of every transaction and a £20 up-front fee for getting a Dragoncard. Also, Wavecrest will charge customers with an ATM withdrawal fee.
The card will not be limited to Point of Sales, and users will be allowed to take out cash from regular ATMs using the card. The cryptocurrency will be converted to pound sterling at the time of the transaction.
While discussing the financial market of UK and explaining the hurdles that are usually faced by investors while working in the UK, the founder of LBX, Ben Dives stated that London is not an easy place for new investors to enter, or trade, in the cryptocurrency market. The Dragoncard will remove some of the barriers to access and help people understand the future of money. This will give them confidence to use cryptocurrencies.
More than £2 million have been raised by LBX through various investors, the names of whom the company has chosen not to make public. The company holds impressive leadership. The executive chairman, Adam Bryant, spent 18 years in Credit Suisse, and two years in UBS leading their macro hedge fund teams.
While discussing the launch of LBX, Bryant stated:
"We’re offering a grown up and robust experience for those who wish to safely and easily understand and invest in digital currencies. 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."
The release of the Dragoncard coincides with the booming nature of cryptocurrency and shows just how much the world is racing towards blockchain technologies.