- Fintech firm Blackfridge is launching “poundtoken,” a pound sterling stablecoin that’s 100% backed by British pound reserves.
- Blackfridge, an organization situated on the Isle of Man, is providing the product with the assist of British monetary regulators.
- The stablecoin market has been growing in range, with Circle and Tether each seeking to problem currencies backed by euros and Mexican pesos.
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Poundtoken, the primary totally regulated, fully-collateralized stablecoin pegged to the Nice British pound, is now being provided by an organization situated within the Isle of Man.
GBPT Obtainable on UniSwap
The world of stablecoins is welcoming a brand new contender at the moment.
In the present day crypto firm Blackfridge launched a British-regulated stablecoin referred to as “poundtoken.” The stablecoin, which bears the ticker GBPT, is 100% backed by reserves in kilos sterling. It’s the first regulated British pound stablecoin ever issued.
Stablecoins are cryptocurrencies that intention at retaining parity with a government-issued foreign money, most often the U.S. greenback. Some stablecoin issuers, like MakerDAO, are decentralized protocols hosted on a blockchain; others, corresponding to Circle, are centralized firms. Blackfridge falls underneath the latter class.
Blackfridge CEO Alan Solar said that the cryptocurrency market had lately suffered a “tough” few weeks, with many members dropping funds throughout Terra’s UST collapse. He assured GBPT would provide “the steadiness of the British pound, and the reassurance of strict British monetary laws, mixed with the pace, transparency, and integrity of the blockchain.”
GBPT was launched on Ethereum however is anticipated to develop to a number of blockchains. Poundtoken can presently be traded on UniSwap, Gate.io, and Bittrex World, although the corporate assures extra platforms will quickly offer it.
Blackfridge is regulated and licensed by the Isle of Man Monetary Companies Authority. The Isle of Man is a self-governing British Crown dependency situated within the Irish Sea, between England and Eire. It’s not a part of the UK, neither is it a British Abroad Territory. An auditor, KMPG, has already been appointed to make sure the coin stays 100% backed: will probably be issuing proof-of-reserve statements month-to-month.
Disclosure: On the time of writing, the creator of this piece owned ETH and a number of other different cryptocurrencies.