The name of the card will be called DRAGONCARD!
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.
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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 has so far raised £2 million from a consortium of private investors who the company declined to name.
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 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.”
Customers will be charged a 0.5% for buying and selling cryptocurrencies on its platform and the Dragoncard has an up-front fee of £20. LBX says card provider Wavecrest will also charge a small fee for ATM withdrawals.
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