Digivault Becomes First Custody Partner of poundtoken.io, the First British-Isles Regulated and 100% Backed GBP Stablecoin
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Digivault has entered into a partnership with poundtoken.io, the first British-Isles regulated stablecoin that is 100% backed by GBP.
This comes as market volatility and liquidation events continue to drive investors to regulate stablecoins in an effort to safeguard portfolios and store wealth during the crypto winter.
Launched this week at London’s Fintech Week, the poundtoken, known by the ticker “GBPT”, is issued by blackfridge, the Isle of Man-based fintech company and allows direct GBP access to digital asset markets and facilitates frictionless real-time settlements.
Designed with simplicity and consumer confidence at its core, the 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. Coupled with the regulation and integration of a distributed ledger, poundtoken aims to protect all holders from potential price volatility while cementing trust in its value.
As part of the partnership, Digivault will offer the holders of poundtoken secure custody in the UK, through its cold and warm custody solutions. Holders can choose to have their tokens held in vaults, which securely store private keys alongside physical precious assets such as metals, rare gems, and fine art, or protected by government-grade data diodes that are housed inside arguably the most physically robust data centers in the UK.
Digivault set the standard for digital asset custody when it became the first standalone custodian in the
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