TrustToken has launched its next stablecoin: TrueGBP. The crypto is backed 1-for-1 with the British Pound Sterling. TrustToken’s first stablecoin was the US dollar backed TrueUSD. TrueUSD is listed on exchanges including Binance, OKEx, DigiFinex, Bittrex, and Huobi
TrueGBP, just like TrueUSD, will provide monthly attestations provided by an accounting firm validating the 1 to 1 relationship with the pound. TrueGBP is available on major OTC desks, and expects to be traded live on exchanges soon.
TrustToken says the launch of TrueGBP is a “major step forward for expanding the use cases for stablecoins towards fulfilling the promise of blockchain.” Stablecoins are used to provide a seamless on/off ramp for crypto to fiat transactions.
“We are excited to be launching TrueGBP to provide traders with the first-ever opportunity to move between multiple tokenized currencies,” said Rafael Cosman, TrustToken Cofounder and Head of Engineering and Product. “With TrueUSD, we have built the bridge between the fiat and crypto world, without being tied to any one exchange. Our goal in launching TrueGBP is to fully utilize this bridge to open up the congestion of the global financial markets, to seamlessly increase the speed and cost of transferring value across global borders.”
The addition of TrueGBP will provide traders with more options for trading, payments, remittances, and stores of value.
TrueGBP is the first of several tokenized currencies that TrustToken plans to launch over the coming months to dramatically increase these options and use cases.
Cosman says the next major growth phase of the blockchain industry will be driven by real-world use cases.
“Both everyday users as well as large businesses do not need to know the inner workings of the blockchain, they just want to be able to easily experience the benefits. By building the tools to invisibly integrate fiat-to-crypto transactions into applications and exchanges around the world, we are spearheading solutions to the single greatest challenge to the blockchain world: adoption.”
According to TrustToken, GBP funds backing TrueGBP will initially be held in US escrow accounts and will trade under the ticker symbol TGBP. Traders may purchase TrueGBP in the TrustToken App starting April 2nd.
Excited to be launching our second product! 🇬🇧🚀 https://t.co/xMEzF50aBj
— Rafael Cosman (@RafaelCosman) April 2, 2019