Isle of Man-based fintech company Blackfridge has launched poundtoken – the first British-regulated stablecoin fully backed 1:1 by pound sterling (GBP).
Known by the ticker ‘GBPT’, poundtoken allows direct GBP access to digital asset markets and facilitates frictionless real-time settlements.
KPMG has been appointed as auditors, and monthly proof-of-reserve attestations will confirm that all tokens issued are 100% backed.
Blackfridge is regulated and licensed by the Isle of Man Financial Services Authority, and is required to hold GBP equal to the value of the tokens issued at all times.
“Following the boom in decentralised finance, stablecoins have become an integral part of the crypto sector,” commented Nicholas Maybin, COO of poundtoken.
“Many are aware that the crypto market can be unpredictable, so when trading a stablecoin it’s vital to know that you will always be able to take out what you put in. In addition to robust regulation we’re excited to have KPMG auditing poundtoken in this new exciting time to crypto and hope to bring further reassurance to those involved in the space.”
Alan Sun, CEO of poundtoken, added: “It’s no secret that the last few weeks have been difficult for the cryptocurrency markets, particularly for unregulated or unbacked stablecoins such as UST. For stablecoin holders, GBPT offers a unique combination: the stability of the British pound, and the reassurance of strict British financial regulations, combined with the speed, transparency, and integrity of the blockchain.”
Poundtoken, users will have constant access to their assets, allowing them to pay in GBPT across international borders 24/7 and in near real-time, without delays or costly fees.
Consumers looking to buy or convert to GBPT can do so across trading platforms Gate.io, Bittrex Global and Uniswap. Blackfridge is working on increasing the platforms poundtoken will be available from.
“British financial regulation and regular audits offer buyers peace of mind that their poundtoken can be cashed out one-for-one at any time, and our world-leading technology offers direct access to cryptocurrency and DeFi markets for the Sterling-based economy,” exaplined Alan Sun.
“GBPT is a coin with a huge number of real-world uses both in the crypto markets and beyond.”
Backed by investment from Gate Ventures and FunFair Ventures, Blackfridge has been established to drive the decentralisation of the financial services industry through innovative technologies, to help individuals and institutions benefit from the evolving digital financial marketplace.
Following the launch on the Ethereum blockchain, it plans to develop a range of financial services to drive adoption of innovative blockchain technology in the financial services industry.