The Pound is Now Stable Too

Blackfridge has launched a stablecoin pegged to British pound. And this is the first stablecoin of its kind.

Blackfridge is a fintech company based in the Isle of Man. The company is engaged in the development of financial services with the help of innovative technologies.

“blackfridge’s mission is to drive the decentralisation of the financial services industry through innovative technologies to enable individuals and institutions to benefit from the evolving digital financial marketplace.”

On July 11, Blackfridge announced in a press release that they have launched the first stablecoin, 100% pegged to the pound sterling (GBP). The stablecoin was named Poundtoken (GBPT).

The stablecoin, according to the creators, is “fully backed 1:1 by pound sterling (GBP).” This means that any user can exchange one GBPT to one pound sterling at any time and vice versa.

KPMG, one of the Big Four auditing companies along with Deloitte, Ernst & Young and PwC, will act as the Poundtoken’s auditor. KPMG will check Poundtoken reserves on a monthly basis and issue reports confirming that GBPT is fully backed by GBP in 1:1.

“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.”

Blackfridge really became the first to make a stablecoin pegged to the pound sterling. Earlier, on June 22, the industry giant Tether announced its intentions to create a stablecoin tied to GBP. According to the announcement, Tether was going to create its own token pegged to the pound sterling. It, as well as Poundtoken, are to be fully backed by GBP in 1:1 exchange. But so far there has been no news from Tether about their plans on a GBP stablecoin.

Some time after the launch of Poundtoken on the Gate.io , Bittrex Global and Uniswap platforms, leading crypto RegTech provider Coinfirm announced the integration of Poundtoken to the AML platform for institutional uptake.

“By integrating poundtoken to the blockchain-agnostic AML Platform, this integration will ensure that financial institutions and VASPs are able to be in full compliance with the FATF’s guidelines, 6AMLD and other supranational and national regulations whilst transacting with GBPT, furthering the stablecoin’s uptake long-term.”

We recently wrote about the first stablecoin pegged to the Mexican peso that was created. It was launched by Tether, but this time Blackfridge was ahead of the curve, and now they can proudly bear the title of the first to launch a GBP stablecoin. We congratulate them and continue to observe.