Q&A: New cryptocurrencies debit card launches in the UK

Benjamin Dives, CEO and cofounder of the London Block Exchange, tells us what it means

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If cryptocurrencies are the biggest news story around at the minute then the London Block Exchange (LBX) has firmly jumped on that bandwagon. Based in London, and dedicated to the UK markets, this claims to be the first organisation to offer a sterling to crypto exchange across five digital currencies (Bitcoin, Ethereum, Ripple, Litecoin and Monero). The aim is to make these easier to purchase and easier to use—via a dedicated prepaid debit card (the Dragoncard) that works on the VISA system.

Funded by anonymous private investors, LBX will operate at volume-based fees at first (0.5% fee on buy or sell) “but will be looking at competitive fixed fee options in the future too,” Benjamin Dives, CEO and cofounder of LBX, explained. “More importantly, unlike other platforms we offer a competitive exchange rate.” There is an upfront fee of £20 ($26) for the Dragoncard, which includes postage, admin and the initial signup fee to the site.

A short Q&A IDG Connect conducted with Dives this morning can be found below.

How does this work in practice?

Users can load either cryptocurrency or sterling onto their accounts and, when they go to spend using the card, they can choose to either auto-sell or exchange some cryptocurrency or use the existing sterling balance.

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