The Isle of Man-based Blackfridge SC Ltd developed the first Pound Sterling-pegged crypto token to offer users utility. Blackfridge SC. is working on listing the tokens on meaningful exchanges for expansion.
Crypto APIs Lists Stablecoin Poundtoken
The Web3 blockchain solutions platform, Crypto API, has announced the integration of the British regulated coin, Poundtoken (GBPT). Accordingly, the token will now be part of Crypto APIs’ ecosystem in a move toward boosting the transaction capabilities of the GBPT.
The coin is pegged 1:1 to the GBP and is currently used by customers of Ledger, Nexo, and Cashaa.
Crypto APIs have multi-dimensional infrastructures with blockchain scalability and the ability to provide digital currency services to a wide range of consumers. With its launch on the Crypto APIs platform, the GBPT is set for a new lease of life.
Users can now store the token in their wallets, transfer them between addresses or use them to set up payment gateways on their websites.
Commenting on the Poundtoken prospects, Beduil Dauis, Crypto APIs Chief Business Development Officer, noted that the recent partnership had solved the core pain of enterprises and customers.
The two entities want a platform that guarantees asset security and ease of use. The partnership between Stablecoin Poundtoken and Crypto APIs is the answer to both areas of concern for crypto users.
Stablecoin Poundtoken has solid regulatory backing from the U.K.’s Financial Services Authority (FSA), while Crypto APIs provide the blockchain infrastructures needed to facilitate access to digital financial services.
Christian Walker, Poundtoken’s Head of Partnership, disclosed that the simplicity of the Crypto APIs blockchain system is a critical factor in the token’s integration.
The Emergence of GBPT
Blackfridge SC.’s development of the Stablecoin Poundtoken comes on the heels of the Terra UST stablecoin crash. The plunge has investors shaken to the core as billions of dollars worth of digital currencies was lost to the collapse.
Confidence in the otherwise “stable” stablecoins was shattered as the crypto industry continued suffering from the Terra incident’s aftermath. By developing the Poundtoken, Blackfridge aims to restore the confidence of stablecoin users with the assurance of a token backed by the Pound Sterling.
However, GBPT is not a central bank digital currency (CBDC). It is just like other stablecoins pegged to fiat currencies, but its transparency lies in the regulatory approval of FSA and in being audited by KPMG.
As a result, users of this tool can conveniently convert their fiat GBP to crypto without further delays and associated costs. Moreover, GBPT, unlike other tokens, is 100% backed by Pound Sterling and is strictly regulated and secured for retail transactions.
The token is designed to offer all-around value to users without the usual panic associated with other stablecoins, especially the USDT, which it is alleged does not have enough fiat backing. Still, GBPT and USDT are fully centralized and controlled by an entity.
Meanwhile, GBPT aims to become the go-to stablecoin in the global payment system due to its security and speedy processing time.