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

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 pre-paid 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 co-founder, of LBX explained in a topline pre-launch interview. 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 sign-up fee to the site.

“We aim to be the de facto exchange for Britons within six months,” Dives said.

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

Confused by cryptocurrencies? Check out: What you need to know about cryptocurrencies

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