UK start-up, London Block Exchange (LBX) has launched a debit card dubbed ‘Dragoncard,’ that will enable British consumers to spend and hold cryptocurrencies.
Dragoncard will allow private and institutional investors to buy and sell cryptocurrencies, starting with Bitcoin, Ethereum, Litecoin, Monero and Ripple through an app and trading interface. Additional cryptocurrencies will be added in the future.
LBX founder and CEO, Benjamin Dives stated: “If a shop accepts Visa, it now accepts Bitcoin, Ethereum, Litecoin or Ripple.”
By linking the debit card to the app, users will be able to convert their cryptocurrency to sterling, with LBX taking a 0.5% cut.
Despite scepticism from certain banks and governments, cryptocurrencies have seen significant gains. Dive highlighted the growing demand for a platform that allows the secure exchange of cryptocurrencies.
He said: “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.”
Adam Bryant, ex-Credit Suisse and UBS banker is LBX’s executive chairman. Joining Dive in this cryptocurrency venture, he said: “We’re offering a grown up and robust experience for those who wish to safely and easily understand, and invest in digital currencies.
“We’re confident we’ll transform this market in the UK and will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike.”
The exchange is now live for the public to pre-register.