- Fintech company Blackfridge is launching “poundtoken”, a British pound stablecoin that is 100% backed by British pound reserves.
- Blackfridge, a company based on the Isle of Man, offers the product with the support of British financial regulators.
- The stablecoin market has been increasing in diversity, with Circle and Tether looking to issue coins backed by euros and Mexican pesos.
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Poundtoken, the first fully regulated and guaranteed token The stablecoin linked to the great British pound is now being offered by a company located in the Isle of Man.
GBPT available on UniSwap
The world of stablecoins welcomes a new competitor today.
Today the cryptocurrency company Blackfridge thrown out a British-regulated stablecoin called a “poundtoken.” The stablecoin, which carries the ticker GBPT, is 100% backed by sterling reserves. It is the first regulated British pound stablecoin ever issued.
Stablecoins are cryptocurrencies that aim to maintain parity with a government-issued currency, in most cases the US dollar. Some stablecoin issuers, like MakerDAO, are decentralized protocols hosted on a blockchain; others, like Circle, are centralized companies. Blackfridge falls into the latter category.
Blackfridge CEO Alan Sun stated that the cryptocurrency market had recently suffered a “difficult” few weeks, with many participants losing funds during the Terra UST. to collapse. He assured that GBPT would offer “the stability of the British pound and the peace of mind of strict British financial regulations, combined with the speed, transparency and integrity of the blockchain.”
GBPT was launched on Ethereum but is expected to expand to multiple blockchains. Currently, Poundtoken can be traded on UniSwap, Gate.io and Bittrex Global, although the company says more platforms will offer it soon.
Blackfridge is regulated and licensed by the Isle of Man Financial Services Authority. The Isle of Man is a self-governing British Crown dependency located in the Irish Sea between England and Ireland. It is not part of the United Kingdom, nor is it a British Overseas Territory. An auditor, KMPG, has already been appointed to ensure the coin remains 100% backed: it will issue proof of reserve statements on a monthly basis.
Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.