Blackfridge, an Isle of Man-headquartered Fintech firm, has reportedly introduced “poundtoken”, which is described as a GBP-denominated stablecoin developed to provide seamless access to digital asset markets with convenient real-time settlement.
Operating under the GBPT ticker, and offered for trading via Bittrex Global, Gate.io, as well as Uniswap, poundtoken is reportedly backed 1:1 against sterling pounds.
Supported by investments from Gate Ventures and FunFair Ventures, blackfridge has been formed in order to address increasing demand for digital assets in the decentralized/digital economy.
The company’s operations are regulated and licensed by the Isle of Man Financial Services Authority, and is required to hold GBP amounts that are equal to the value of the digital tokens issued in circulation (at all times).
In order to ensure “peace of mind’ for clients who might be anxious about the idea of using a stablecoin after recent issues in the industry, Big Four auditing firm KPMG has reportedly been engaged to offer a monthly “proof of reserve” attestations which may confirm that all circulating tokens issued are actually 100% backed.
Nicholas Maybin, COO of poundtoken, stated;
“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, remarked:
“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.”