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.
While LBX is one of the first companies to offer a cryptocurrency card in the UK, it is likely to soon face competition. Revolut, the well-funded foreign exchange startup, is developing cryptocurrency trading capacities within its app and may well let consumers spend the currencies on its prepaid card.
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.
LBX#8217;s launch coincides with an explosion of interest in cryptocurrency in 2017. Bitcoin has rocketed over 500% so far this year and the total cryptocurrency market has ballooned to close to $200 billion thanks to the popularity of #8220;initial coin offerings,#8221; where startups issue digital coins as a way of raising money.