London Block Exchange, a multi-cryptocurrency exchange dedicated to the UK market, announced late last month that the first ever digital pound sterling through its partnership with AlphaPoint, a global blockchain technology company focused on enabling institutions to issue digital assets and to operate digital asset exchanges, has been mined, minted, and used.
According to the London Block Exchange, GBP-Peg (initially announced as LBXPeg) is a stablecoin that is pegged to the value of pound sterling (GBP). The exchange noted that has a segregated, onshore, and auditable UK bank account dedicated to GBPP. It was reported:
“All GBP held in this account is represented by an equivalent number of GBPP tokens on the blockchain. GBPP and a future suite of stablecoins based on additional fiat currencies such as the Euro and the U.S. Dollar, will also leverage AlphaPoint’s asset digitization technology.”
Speaking about the pound sterling and partnership, Benjamin Dives, London Block Exchange CEO, stated:
“GBPP will help boost mainstream usage of other cryptocurrencies by allowing investors to realize the technological benefits of instantaneous transactions, decreased volatility, and increased liquidity. We are excited to partner with AlphaPoint, a globally trusted brand with technology that will help us deploy and maintain a robust network in a trusted and compliant manner.”
Salil Donde, AlphaPoint CEO, went on to add:
“AlphaPoint believes that digital assets and blockchain technology are going to fuel the creation of new wealth and LBX is a perfect example of how organizations are leveraging AlphaPoint’s transformative technology to help democratize access to the cryptocurrency markets and create new liquidity opportunities. By digitizing the pound, firms can now accept GBPP for purchases without needing to move into and out of fiat.”