poundtoken: The First Fully-Backed GBP Stable Coin Regulated In The British Isles

Launched by fintech firm blackfridge, poundtoken is backed 100% by GBP-denominated reserves, protecting holders via British financial regulations

blackfridge, the Isle of Man-based fintech company, has launched poundtoken, the first British-regulated stablecoin fully backed 1:1 by pound sterling (GBP). poundtoken, known by the ticker “GBPT”, allows direct GBP access to digital asset markets and facilitates frictionless real-time settlements.

Designed with simplicity and consumer confidence at its core, poundtoken guarantees the peace of mind that holders can redeem their stablecoin for GBP at any moment, with one pound sterling backing every GBPT issued. KMPG has been appointed as its auditors, whose monthly proof of reserve attestations will confirm that all tokens issued are 100% backed. Coupled with the regulation and integration of a distributed ledger, blackfridge aims to protect all holders from potential price volatility while cementing trust in its value.

blackfridge 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. This will come as good news to the third of Brits that have bought cryptocurrencies, as they can now trade and hold value in the nation’s fiat currency against other USD-based stablecoins.*

“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.” 

poundtoken allows people constant access to their assets, allowing them to pay in GBPT across international borders 24/7 and in near real-time, without delays or costly fees. As the crypto field continues to expand, poundtoken offers further functionality with numerous applications, such as emerging metaverse platforms. Launched on the popular Ethereum blockchain to ensure ease of access for cryptocurrency holders, GBPT will be bridged to allow it to transact across multiple chains.

Consumers looking to buy or convert to GBPT can do so across trading platforms Gate.io, Bittrex Global and Uniswap. blackfridge is working on increasing the platforms poundtoken will be available from.

Additionally, poundtoken has entered into a strategic partnership with its first custodian, as holders will now be able to store their tokens with FCA-registered custody provider Digivault. Digivault set the standard for digital asset custody when it became the first standalone custodian in the UK to gain FCA accreditation. Its defence-grade solutions are now used by law enforcement agencies, along with a growing list of institutional clients.

“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.”

Backed by investment from Gate Ventures and FunFair Ventures, blackfridge has been established to drive the decentralisation of the financial services industry through innovative technologies, to help individuals and institutions benefit from the evolving digital financial marketplace. Following the launch of poundtoken, blackfridge plans to develop a range of financial services to drive the adoption of innovative blockchain technology in the financial services industry.