A London startup is launching a debit card that lets you spend bitcoin and ethereum


New startup London Block Exchange is launching a prepaid card linked to an app that will let people spend and hold cryptocurrencies.
The startup has raised £2 million from private investors and is headed by an 18-year Credit Suisse veteran.

A London-startup headed by a Credit Suisse veteran is launching a new debit card that it claims will allow people to spend cryptocurrencies across the UK.

The London Block Exchange (LBX) launched on Tuesday. It plans to launch a sterling-to-cryptocurrency exchange and a Visa debit card, dubbed “Dragoncard,” that will allow people to spend bitcoin, ethereum, ripple, litecoin and monero across the UK. The startup plans to add more cryptocurrencies in future.

The Visa card, which will be issued by Gibraltar-based pre-paid card provider Wavecrest, will be linked to an app that allows users to buy and hold cryptocurrencies through the LBX exchange. Customers will also be able to withdraw money using the card. Cryptocurrencies will be converted to sterling at the time of withdrawal.

LBX CEO and founder Ben Dives said in a statement: “Despite being the financial capital of the world, London is a difficult place for investors to enter and trade in the cryptocurrency market.

“We’ll bring it into the mainstream by removing the barriers to access, and by helping people understand and have confidence in what we believe is the future of money.”

LBX has so far raised £2 million from a consortium of private investors who the company declined to name. Prior to setting up LBX earlier this year, Dives founded brainstorming tool Ideaflip.

Ex-Credit Suisse and UBS banker Adam Bryant serves as LBX’s executive chairman. Bryant spent 18 years at Credit Suisse and almost two years at UBS before joining LBX, running the macro hedge fund teams at both banks.

Bryant said in a statement: “We’re offering a grown up and robust experience …read more

Source:: Business Insider

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