Digivault becomes first custody partner of GBP-backed stablecoin Poundtoken
- Digivault's partnership with Poundtoken sees it become the stablecoin's first custody provider.
- Poundtoken is a 100% GBP-backed stablecoin issued by fintech startup Blackfridge.
- KPMG will provide monthly attestations of the stablecoin's reserves.
The partnership sees Digivault become the stablecoin issuer’s first custody provider and comes amid increased investor interest in stablecoins as the crypto winter bites, the two firms said in a press release on Tuesday.
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Stablecoin offers customers direct access to GBP
Poundtoken is 100% backed by British pound sterling (GBP) and was launched last week during the London Fintech Week. The stablecoin’s ticker is “GBPT”, and will offer customers access to crypto markets via GBP, with investors enjoying seamless real-time settlements.
Digivault will provide poundtoken holders with secure custody, including in vaults.
Reserve attestations for the GBPT will be handled by Big Four audit firm KPMG, and will be done monthly, Digivault noted in the announcement.
Robert Cooper, CEO at Digivault, commented:
We are delighted to partner with a company that has the same commitment to regulation and transparency as we do. Poundtoken.io is launching at a time when UK investors are looking closely at their stablecoin portfolio to ensure that their assets are liquid and safe. Poundtoken’s 100% backed and monthly attestations with a big four accountancy firm will give comfort to those investors and we believe it will fuel demand for the first British-Isles regulated GBP stablecoin.“
Blackfridge is regulated and licensed in the Isle of Man by the Isle of Man Financial Services Authority.