We have launched our crypto-payment account — ‘LBXPAY’

A safeguarded account for third party payments

We are proud to announce the release of our new cryptocurrency payment account, LBXPay, which will grant businesses ranging from SMEs to ICOs access to an account where they can store, manage and transfer both their fiat currency and cryptocurrency holdings.

Overview

There is a stigma in the traditional banking sector against the rise of cryptocurrencies, stemming mainly from its perception as a tool for laundering funds from illegitimate activities. This stigma has caused headaches for those who wish to trade their cryptocurrency back to fiat, as banks have been unwilling to accept deposits or facilitate transactions. For businesses, this has resulted in delayed payments, service restrictions and even full account closures. Compliant businesses therefore need an account which will not impede their ability to profit from cryptocurrency or stand in the way of blockchain innovation.

Initially aimed at this business sector, LBXPay will allow those involved in the cryptocurrency industry — such as ICOs, traders and funds — to manage their holdings with confidence, as their account will not be in jeopardy for dealing with the proceeds of cryptocurrency. The account will also grant the convenience of being able to convert holdings between fiat and cryptocurrency quickly, easily and without having to move funds between accounts or service providers.

LBXPay will allow its users to manage all balances, trades and payments — including those to third parties and batch payments — through the LBX app. For those with greater volumes and demands, there will be flexible access to LBX’s OTC desk and, from Q1 2019, access to an API linked directly to their LBXPay account.

All fiat holdings in LBXPay accounts will be held in segregated bank accounts, each with a dedicated IBAN and a monthly statement service. All cryptocurrency holdings will be kept securely in cold storage.

LBXPay accounts will incur a monthly cost which is payable in GBP or, for a heavily discounted rate, in LBXu — LBX’s native token available now in their token sale. Shortly after its release for businesses, LBX plans to roll out a retail version of LBXPay, where it will provide all consumers with a whole new way to interact with their cryptocurrency.”

If this is something of interest, please click the button above to get in touch.

Until next time,

Team LBX.

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