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Laxman Pai, Opalesque Asia:

The London Blockchain Exchange (LBX) has announced the launch of a UK Pound Sterling (GBP)-pegged cryptocurrency stablecoin called LBXPeg.

In a statement posted on its website, the United Kingdom-based startup revealed that the so-called "cryptopound" will be tied to the value of GBP held in an auditable U.K. bank account on a 1:1 basis.

The company said that it has already received permission from an unnamed banking partner to launch their cryptocurrency. LBXPeg will allow users to transfer the digital equivalent of GBP easily and quickly on a global scale through a decentralized network.

According to the press release by the company, "It will make the transfer of money traceable and trustless and, as such, has a wide range of use cases; from payments to merchants to a smart contract-based distribution of dividends for a company's shareholders."

LBX will be initially utilising the Ethereum blockchain to develop, distribute and manage LBXPeg as the platform is transparent, efficient and close to reaping the benefits of its upcoming scaling solutions.

LBXPeg will be an ERC-621 token - building upon the ERC-20 standard - which will grant the required flexibility in the total supply to match the quantity of GBP held in the segregated bank account. LBXPeg will also be issued on other blockchains where compliance controls can be maintained.

After LBXPeg's initial release, LBX will explore tying the product's value to a......................

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