Blackfridge, an Isle of Man-based fintech startup, has launched 'poundtoken', a GBP-denominated stablecoin designed to ease access to digital asset markets with frictionless real-time settlement.
Operating under the ticker GBPT, and available for trading on Gate.io, Bittrex Global and Uniswap, poundtoken is backed 1:1 against sterling pounds.
Backed by investment from Gate Ventures and FunFair Ventures, blackfridge has been established to exploit rising demand for digital asstes in the decentralised economy.
The firm 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. To ensure further peace of mind for users who may be jumpy at the idea of using a stablecoin following recent travails, KPMG has been engaged to provide a monthly proof of reserve attestations which will confirm that all tokens issued are 100% backed.
Nicholas Maybin, COO of poundtoken, says: “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, adds: “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.”