Launched by fintech blackfridge, poundtoken is the first British-regulated stablecoin backed 1:1 by pound sterling (GBP).
poundtoken (GBPT) also allows direct GBP access to digital asset markets and facilitates frictionless real-time settlements.
Furthermore, KPMG has been appointed as its auditors whose monthly proof of reserve attestations will confirms that all tokens issues are 100% backed. As a result, blackfridge aims to protect all users from price volatility.
poundtoken allows users constant access to their assets, letting them to pay in GBPT across international borders around the clock in near real-time. Launched on Ethereum for ease of access, GBPT will be bridged to allow it to transact scross multiple chains.
“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, said: “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.”
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blackfridge is regulated and licensed by the Isle of Man Financial Services Authority. It is required to hold GBP equal to the value of the tokens issued at all times.
“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,” continued Alan Sun. “GBPT is a coin with a huge number of real-world uses both in the crypto markets and beyond.”