The company London Block Exchange (LBX) has launched a new service that allows cryptocurrency companies to store, manage and transfer their assets.
First and foremost, the service is aimed at crypto-currency traders, funds and initiators of the ICO (initial offering of coins) and will allow you to convert from Fiat to bitcoin and back without having to transfer them to other accounts or sites. At the moment the LBX service available only for companies, but in the future the company expects to introduce a retail version of platform for all customers who want to use the new way to manage your cryptocurrency assets.
Service users will be able to monitor their account balance, trading activity and all fees, even those which were conducted through a third party, using the application. For clients with large volume of transactions will also be provided access to the LBX platform for OTC trading (OTC) and software application interface (API), which is linked directly from the client account. The last option, however, will only work with the first quarter of 2019.
According to the LBX, all foreign currency reserves in Fiat will be kept on separate Bank accounts, each of which has its own international IBAN number. These accounts will be provided monthly report. LBX did not disclose their banking partners, but we know that in June, the company signed a deal with British startup Clearbank clearing Bank running in 2017 the founder of the Worldpay payment Corporation. Cryptocurrency funds are stored in cold wallets, i.e. offline.
LBX was registered in November 2017 for the management platform for OTC trading. The company now supports more and e-wallet, which is why registered in the Office of financial regulation and supervision of the UK and must abide by the principles “know your customer” (KYC) and anti money laundering (AML). Earlier this year, LBX opened on its platform trading Bitcoin Cash (BCH) paired with the British pound.
Cryptocurrency for the UK market also comes the exchange Coinbase. At the beginning of September on a platform Coinbase Pro adds support for trading in pounds sterling in pairs with Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH) and Litecoin (LTC).