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Inside the breakout crypto exchange, backed by a British millionaire, now fighting for survival

by Isabel Woodford

April 29, 2019, 11:04AM EDT  ·  6 min read

Quick Take

  • LBX, the celebrated London crypto exchange, is in troubled waters following a string of internal and financial challenges
  • Its star product, Dragoncard, quietly disappeared before launching. Two executives have also stepped down
  • The firm was recently summoned by the British courts following a dispute over legal fees, although LBX defends its claim
  • LBX CEO Ben Dives believes a turnaround is on the cards with new sister company LBX Pay projected at over £10 million

by Isabel Woodford

April 29, 2019, 11:04AM EDT  ·  6 min read

A millionaire who made his wealth in London real estate isn’t the most obvious investor for a crypto exchange.

But Jonathan Sandelson, a prominent British real estate magnate, was more than an investor in LBX founder Ben Dives’ vision of a digital exchange for the British masses. He was a friend and mentor first and foremost, having hired Dives straight out of university as his driver in 2001.