Home Finance poundtoken available on the Fireblocks network to facilitate trade for the GBP economy
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poundtoken available on the Fireblocks network to facilitate trade for the GBP economy

by uma


22nd August 2022poundtoken (GBPT), the first FSA-regulated stablecoin fully backed 1:1 by pound sterling, announced that it is now available on the Fireblocks network, working with a leading infrastructure provider for digital assets. By operating with Fireblocks, poundtoken will reach a network of over 1,300 trusted institutions such as Revolut, Checkout.com, BNP Paribas Securities Services, B2C2, and FIS, while solidifying its reputation as a reputable stablecoin.  

Fireblocks streamlines the digital asset operations of companies by providing secure storage and transfer infrastructure through its MPC wallet technology and the Fireblocks Network, which brings together exchanges, OTCs, banks and custodians into a single platform. The ultra-secure network uses patented chip isolation technologies and cryptography to offer the most trusted solution for compliant digital asset operations. The high security and reach of the Fireblocks Network means that businesses that operate in GBP will have a dependable point of entry into the digital assets market through a trusted stablecoin. 

poundtoken guarantees the peace of mind that holders can redeem their stablecoin 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.

“Fireblock’s mission for security and trust closely aligns with poundtoken,” said Christian Walker, Head of Partnerships at 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.” 

“Regulated and fully-backed stablecoins like poundtoken play a critical role between traditional finance and the digital assets market.” said Jonathan Dakin, Head of EMEA at Fireblocks. “The team’s focus on compliance, trust and transparency brings a new level of confidence to stablecoins and shows how far the digital asset space has come. We’re excited to support the poundtoken team and to provide users on the Fireblocks Network with the ability to transact securely in GBP.”

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