Digivault becomes first custody partner of GBP-backed stablecoin Poundtoken

Digivault, an FCA-registered custody provider that’s part of Nasdaq-listed EQONEX Group, has announced a partnership with Poundtoken.io, a stablecoin issued by Isle of Man-based startup Blackfridge.

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.

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:

Blackfridge is regulated and licensed in the Isle of Man by the Isle of Man Financial Services Authority.