Fintech company, Blackfridge, has released the first stablecoin tethered to the British pound and regulated in the British Isles of Man. According to Blackfridge, the GBPT is fully supported by GBP reserves. However, the company has not yet made public its initial attestation report. Poundtoken (GBPT) was initially on Ethereum. However, it is it will eventually be available over various blockchains.
Poundtoken and Blackfridge’s promise
The Isle of Man Financial Services Authority (IOMFSA) is in charge of regulating Poundtoken transactions currently. However, potential investors should be aware that there is no compensation plan to safeguard the customers’ money. Nonetheless, Blackfridge has hired KPMG to manage the monthly attestation reports. Per the regulations put in place by IOMFSA, the reports must be made publicly available each month.
DeFi platforms can offer significantly better rates of return than traditional banking institutions, even though these platforms are extremely volatile. In addition to that, yield farming has the potential to multiply your earnings. Because it tethers to the pound, traders who favour the pound can obtain exposure to these DeFi options without having to cope with the volatile pricing of other cryptos.
By voluntarily adhering to comprehensive regulation and undergoing frequent audits, Blackfridge hopes to instil users with trust and a sense of security when it comes to holding the stablecoin. According to Blackfridge, the GBPT will also offer direct GBP access to digital asset exchanges. Also, it will make frictionless, real-time payments possible. Three exchanges now support trading in GBPT: UniSwap, Gate.io, and Bittrex Global. Despite this, Blackfridge has committed to issue its shares on additional exchanges later.
GBPT provides holders of stablecoins with an unrivalled mix of benefits, namely the consistency of the British pound as a currency and the assurance of stringent financial rules in the United Kingdom. In addition, it features the speed, transparency, and integrity of blockchain technology.