It is the GBP-pegged stablecoin currently on the Ethereum blockchain. Pound Token meets the strict e-money regulatory requirements of the Isle of Man Financial Services Authority (IOMFSA). The coin is audited monthly by KPMG and is backed by GBP held in GBP-dominated bank accounts. Monthly assurance reports give holders of the coin assurance that it maintains its stable value and be redeemed one-for-one with the pound sterling. The stablecoin can be traded on-chain in exchanges and businesses can send and receive near-instant international payments. It also simplifies remittances and leverages decentralised finance and Web3.
A Bit About Pound Token
The coin was launched on the Ethereum network to accelerate adoption among GBP holders by Blackfridge. The Pound Token allows users to instant conversions with GBP without the fees associated with traditional money transfers. The GBPT token was created to redeem the many controversial stablecoin projects. The coin offers real-time global settlements that do not regard borders or working hours. The coin is under strict financial regulation and licensed by the British Financial Regulatory Regime. The coin is the first British-Isles-regulated and 100% backed GBP stablecoin. The stablecoin is supported with proof of reserve and monthly attestations from KPMG.
Backed by the Pound Sterling (£) and audited by KPMGCryptoLists.com
The Pound Token is a digital e-money token with a relatively stable price. It is issued by a pioneering fintech company, Blackfridge, that provides the first financially regulated, fully collateralized GBP stablecoin licensed and regulated by the Isle of Man Financial Services Authority. It is redeemable on a 1:1 basis for Great British Pounds (GBP) and is 100% backed by GBP-denominated assets held in segregated accounts with regulated financial institutions. The Isle of Man regulated stablecoin is designed for stability and increased credibility in the stablecoin market via strict regulatory policies and regular comprehensive audits by KPMG. The coin, therefore, acts as a benchmark for Stablecoins that will be used in the global payment system. The coin serves as a stable store of value and medium of exchange and still maintains transparency, security, and speedy transaction processing. The token is a game-changer in the stablecoin world in the United Kingdom. The crypto world expects to have this coin foster blockchain innovation in the UK and drive transformation.
Utility of Pound Token?
Individuals, businesses, exchanges, institutional and retail traders use it. Globally, individuals use the token to facilitate money transfers due to its security and ease of transfer. It serves as a medium of exchange that has a worldwide comprehension of its fiat-based peg. Retail traders use the token as a store of value which protects downside movements through conversion to stable value assets in extreme periods of volatility. The token also acts as an on-ramp for digital assets and DeFi. Institutional and retail traders use it to serve as the fiat equivalent for trading. The token can be utilized for on-chain trades in exchanges while business benefit from instant international payments for faster cash flow. Individuals use the token to leverage decentralized finance and Web3, transfer money and make cross-border payments.
Pound Token Price detailsETH Contract address: 0x86B4dBE5D203e634a12364C0e428fa242A3FbA98
›› Details & Tokenomics
Advantages of Pound Token+ KPMG audits the Pound token's issuer monthly hence stable value is assured.
+ GBPT is regulated by the Isle of Man Financial Services Authority.
+ Customers convert GBP to GBPT to hold and trade on-chain on exchanges.
+ It facilitates cross-border payments and leverages decentralized finance and Web3.
+ GBPT simplifies international remittance via digital asset treasury, exchanges, and decentralized finance.
Disadvantages- The pound token is relatively new in the crypto market.
- The stablecoin is only available on limited exchanges and crypto platforms.
- Currently the stablecoin is available for use with only GBP.
- The history of stablecoins such as Tether impacts the perception of GBPT.
- Holders of the token are subject to KYC procedures.
Costs▪ Rated at 9.5/10
The funding section of the Pound Token shows that when transacting, there are no fees applied when making deposits. For withdrawal transactions, you should specify the withdrawal amount and will then be notified of the charges for the withdrawal. Therefore, withdrawal costs vary depending on the amount you want to withdraw.
Reputation and Buzz▪ Reputation rated at 10/10
▪ Buzz rated at 9/10
Earlier discussions on GBPT show that the coin protects retail investor confidence. The UK is at the frontier for blockchain innovation and online news claims that the coin is bringing stability back to stablecoins, and that exchanges and platforms are delighted to support it. The token arrives when there is mass adoption of CBDCs in the UK and Europe, making the reality look brighter for the stablecoin among those who know and speak about it. Twitter is awash with positive buzz as the tokens are now available for purchasing luxurious goods, as it has been reported that a Bentley was bought for 75,000 GBPT on the Isle of Man. The strong team at Blackfridge exudes confidence with its CBO, Michael Crosbie, being named among the Top 100 crypto advisors and managers by Citywealth.
Some of the developers involved in Pound Token▪ Rated at 9/10
The logos below represent some of the developers who have been involved in Pound Token. Check out the developer about page, by clicking the logo. There you can see what coins they have developed and at what exchanges, brokers and trading platforms their coins are available.
Which blockchain supports the token?
The Ethereum network currently supports the token.
Who regulates the token?
The token is regulated by the Isle of Man Financial Services Authority.
How is the stablecoin backed?
The Pound token is fully backed by GBP held in GBP-denominated bank accounts to maintain it being redeemable 1:1 for GBP.
Where can you buy the Pound Token?
The GBPT stablecoin is available on Gate.io, Uniswap (V3), Bittrex, and Tap Global.
Who is the issuer of the Pound Token?
Blackfridge SC Limited is a pioneering fintech company offering financial services through innovative technology. It issued the GBP-pegged stablecoin after being awarded the Money Transmission Services financial services licence by the Isle of Man Financial Services Authority earlier this year.
History of Pound Token
April 2022 The government of the Isle of Man agrees to regulate GBPT.
July 2022 Blackfridge SC Limited launches the coin on to the market.
September 2022 Company announces API to increase business customer base.
October 2022 GBPT used to buy a Bentley on the Isle of Man for £79,000.