- FinTech company Blackfridge is launching the “Pound sterling”, a stablecoin of the pound sterling, 100% backed by the reserve of the pound sterling.
- Blackfridge on the Isle of Man offers this product with the support of UK financial regulators.
- The stablecoin market is becoming more diverse and both Circle and Tether are considering issuing currencies backed by the euro and the Mexican peso.
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Pound sterling token, first fully regulated and fully secured Stablecoin fixed to the Great British Pound is currently offered by a company on the Isle of Man.
GBPT available in Uniswap
The world of Stablecoin welcomes new candidates today.
Today’s crypto company Blackfridge Release British regulated stablecoin called “pound token”. Stablecoin holding the ticker GBPT is 100% backed by a pound sterling reserve. This is the first regulated British pound stablecoin ever issued.
Stablecoin is a government-issued currency, a cryptocurrency that aims to maintain equivalence with the US dollar in most cases. Some stablecoin issuers like MakerDAO are blockchain-hosted decentralized protocols. Other companies such as Circle are centralized companies. Blackfridge falls into the latter category.
Blackfridge CEO Alan Sun said the crypto market has been suffering from “difficulty” in recent weeks and many participants lost money during Terra’s UST. Collapse.. He assured GBPT that “combines the stability of the pound sterling with the peace of mind of strict UK financial regulation, combined with the speed, transparency and integrity of the blockchain.”
GBPT was launched on Ethereum, but is expected to expand to multiple blockchains. Poundtoken can now be traded on UniSwap, Gate.io, and Bittrex Global, but the company guarantees that more platforms will be available soon.
Blackfridge is regulated and licensed by the Isle of Man Financial Services Authority. The Isle of Man is an autonomous Crown Dependencies located in the Irish Sea between England and Ireland. It is not part of the UK, nor is it the British Overseas Territory. The auditor, KMPG, has already been appointed to ensure that the coins are 100% backed. That is, we issue a preliminary certification statement each month.
Disclosure: At the time of writing this, the author of this work owned ETH and several other cryptocurrencies.