LBX: UK’s Leading Cryptocurrency Exchange Adds Bitcoin Cash and Ethereum Classic

London Block Exchange (LBX) — the UK’s only multi-cryptocurrency exchange — has added Bitcoin Cash (BCH) and Ethereum Classic (ETC) to its coin offerings, the platform said in a press release.

Today’s move makes LBX the only exchange offering GBP pairing with both these cryptocurrencies, in addition to being the only exchange underpinned by on-shore banking. The new additions bring LBX’s total coins listed to six, in addition to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), according to Business Insider.

At the end of March the platform added Ripple’s XRP. This move to add Ripple, and now BCH and ETC, are representative of the platform’s promise to roll out ‘multiple new coins’ on a regular basis. 

“Since launching, we’ve proven incredibly popular among U.K. crypto-enthusiasts, given our low cost trading and excellent app. We’re now strengthening the fact we offer more coins than most popular exchanges and are listening to the community in deciding which coins we will list,” Benjamin Dives, CEO of the exchange, said in the press release.

Bitcoin Cash registered almost 8% gains Wednesday, outpacing most other major cryptocurrencies, after LBX said it would support trading of the fourth-largest cryptocurrency by market cap. 

Bitcoin Cash Fork

Both newly listed coins have history with ‘forks,’ where a new version of the coin is paired off from the original and offered as a sort of software upgrade. Bitcoin Cash forked from the original Bitcoin in August 2017, and Ethereum Classic is a pre-fork version of the popular Ethereum cryptocurrency.

As for Bitcoin Cash, a new fork that will bring Bitcoin ABC to the market is set for May 15. ABC, an acronym for Adjustable Blocksize Cap, will increase the size of one block on the blockchain to 32MB, a fourfold increase from the original 8MB — and far larger than Bitcoin’s 1MB block size.

The fork will also remove the Segwit protocol, aka segregated witness, the process by which the number of transactions in a block can be increased by moving certain signature data from transactions to the end of the block.

Since its inception in August 2017, Bitcoin Cash has been accused by some of misleading investors by piggy-backing off the Bitcoin name. While the new cryptocurrency includes the history of the original Bitcoin’s transactions up until the split, the two currencies are unrelated except for their shared history and name. 

LBX opened in November 2017 to offer over-the-counter (OTC) trades and is currently on-boarding retail customers to its app, which is backed by ‘world-class,’ London-based customer service, and follows strict know your customer (KYC) and anti-money laundering (AML) protocols.

According to its website, LBX is the first multi-cryptocurrency exchange dedicated to the U.K. market. Based in Canary Wharf, the platform provides a credible, safe, and easy exchange for both new consumers and institutional investors.

Image from Shutterstock.

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