Trend of Stable-coins - London Block Exchange now welcomes pound-pegged crypto-pound

The predominant objective behind cryptocurrency was to generate fidelity and anonymous method of mobilizing funds efficiently, ever since then it’s been presaged as ‘digital gold’. Well, to foster the anonymity, a Japanese had to invent something which was not existed, this was possible when Blockchain technology, the digital ledger of constant Bitcoin transactions, was developed. But, due to the rising scams in the crypto-industry in the recent past, trend of Stable-coin has been eye-catchy. As a result, Tether (USDT) was launched.

A San-Francisco based crypto exchange, Kraken has responded to a recent article by Bloomberg that argues Tether (USDT) is being manipulated on their exchange. Kraken took a dig at the article’s complex headline and insinuated that the article was written to have an effect on the price of futures trading.

In the recent past, Bloomberg publicized an investigative report probing trades involving tether, a “stablecoin” allegedly backed by physical U.S. dollars at a 1:1 ratio. Controversy has long swirled around USDT and its inventor, the Caribbean-based Tether with critics levying accusations that Tether operates a fractional reserve, using un-backed tokens to manipulate the bitcoin price.

Now, London Block Exchange (LBX) based at London’s Canary Wharf, which is a cryptocurrency exchange platform, has announced ts idea of launching its own cryptocurrency linked to the pound sterling. 

The London Block Exchange  flaunts themselves as the “only London-based cryptocurrency exchange offering safeguarded UK Banking.” The firm render Over-The-Counter (OTC) services in conjunction with a “College Of Crypto” to educate about the newly invented industry.

However, on the flip side, the stable coin frenzy initially took place when investors’ group lost trust in the principles and practices around the most widely used stable coin, ‘Tether’. During earlier this year, reports surfaced claiming that Tether (USDT), was a fake instrument, being used to prop up Bitcoin’s price.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 153 levels (bullish), while hourly USD spot index was at 87 (bullish) while articulating at 04:59 GMT. For more details on the index, please refer below weblink:

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