blackfridge , an Isle of Man-based fintech company, has launched poundtoken, a British-regulated stablecoin fully backed 1:1 by GBP. poundtoken, known by the ticker GBPT, allows direct GBP access to digital asset markets and offers real-time settlements.

poundtoken holders can redeem their stablecoin for GBP at any moment, with one pound sterling backing every GBPT issued. KMPG has been appointed as its auditors, whose monthly proof of reserve attestations should confirm that all tokens issued are 100% backed. Coupled with the regulation and integration of a distributed ledger, blackfridge aims to protect all holders from potential price volatility while cementing trust in its value.

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. poundtoken allows people constant access to their assets, allowing them to pay in GBPT across international borders 24/7 and in near real-time. The stablecoin offers functionality with different applications, such as emerging metaverse platforms.

Launched on the Ethereum blockchain to ensure ease of access for cryptocurrency holders, GBPT will be bridged to allow it to transact across multiple chains. Consumers looking to buy or convert to GBPT can do so across trading platforms Gate.io, Bittrex Global and Uniswap.

blackfridge is working on increasing the number of platforms poundtoken will be available from.