Poundtoken (GBPT), the first stablecoin fully backed 1:1 by pound sterling regulated by the Isle of Man Financial Services Authority (FSA), is the newest addition to the Fireblocks Network.
poundtoken aims to always be 1:1 redeemable for Great British Pounds (GBP) by fully backing tokens with cash. With solid regulatory backing and a transparent philosophy (including monthly audit reports by KPMG regarding reserve balances of backing GBP), poundtoken looks to be an appealing option for businesses who do business in GBP and recognize the benefits of using stablecoins for trade finance and cross-border payments.
Fireblock’s mission for security and trust closely aligns with poundtoken. Working with Fireblocks ensures that poundtoken reaches trusted hands across its network in a safe and straightforward way. Together, we will continue to build GBPT’s reputation as a stable, trustworthy, and transparent stablecoin.
Secure access to poundtoken (GBPT) is now live on Fireblocks
Effective immediately, Fireblocks users can now:
- Store GBPT tokens in their Fireblocks Vault
- Securely transfer GBPT tokens on the Fireblocks Network
- Launch GBPT token support for retail customers and users with Fireblocks’ REST API
- Use GBPT to deploy funds into Web3 markets (including DeFi and NFT exchanges and platforms)
About poundtoken
According to poundtoken, holders can redeem their stablecoins for GBP at any moment – with one pound sterling backing every GBPT issued. KPMG has been appointed as its auditors, whose monthly proof of reserve attestations will confirm that all tokens issued are 100% backed.
The currency was launched by blackfridge, the Isle of Man-based fintech company advancing financial services via innovative technologies. 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. Combined, the company aims to protect all holders from potential price volatility while cementing trust in its value.
