First regulated Pound stablecoin launched

First regulated Pound stablecoin launched

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Chris
Chris

An editor at Coincrop


15 Jul 2022 | 1 min read
41,829 views

F

intech company Blackfridge has launched "Poundtoken", a stablecoin claimed to be the first regulated in the UK. Poundtoken is bakced 1:1 by Pound Sterling (GBP) and is referred to using ticker "GBPT".

The Isle of Man Financial Services Authority regulates Blackfridge and requires the company to hold GBP is equal reserve to the total amount of stablecoins issued.

CEO of Poundtoken Alan Sun stated how GBPT offers "both the reassurance of strict British financial regulations paired with speed, transparency, and integrity of the blockchain.”

The stablecoin is backed by investment from FunFair Ventures and Gate Ventures.


Chris

Chris

An editor at Coincrop
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Chris is a Crop Crop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely assembling lego models.


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