The London Block Exchange (LBX) is planning to launch a sterling-to-cryptocurrency exchange and a prepaid Visa debit card, dubbed "Dragoncard," that will allow people to convert Bitcoin (EXANTE: Bitcoin), Ethereum (ETH/USD), Ripple, Litecoin (LTC/USD) and Monero (XMR/USD) to sterling and spend it across the UK. The startup plans to add more cryptocurrencies in future, Business Insider reported.
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."
The Visa (NYSE: V) 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.
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.