UK cryptocurrency exchange startup launches debit card for spending bitcoin

UK cryptocurrency exchange startup launches debit card for spending bitcoin

A UK startup is launching a cryptocurrency exchange that comes with a debit card that lets users spend their bitcoin anywhere in the country.

The London Block Exchange (LBX) will let retail and institutional investors buy and sell cryptocurrencies, beginning with bitcoin, Ethereum, Litecoin, Monero and Ripple, through a dedicated app.

But the app will also be linked to a debit that will let users' convert their cryptocurrency to sterling at the point of sale, with LBX taking a 0.5% cut.

"If a shop accepts debit cards, it now accepts Bitcoin, Ethereum, Litecoin or Ripple," says LBX CEO Benjamin Dives.

Dives is joined in the venture by executive chairman Adam Bryant, a veteran banker who ran the macro hedge fund team for Credit Suisse and then UBS.

Says Bryant: "Cryptocurrency has come of age with LBX. We're offering a grown up and robust experience for those who wish to safely and easily understand and invest in digital currencies."

The exchange is now live for public pre-registration but will operate with a few institutions for the next few weeks before opening up to everyone.

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