Digivault has entered right into a partnership with poundtoken.io, the primary British-Isles regulated stablecoin that’s 100% backed by GBP.
This comes as market volatility and liquidation occasions proceed to drive traders to manage stablecoins in an effort to safeguard portfolios and retailer wealth in the course of the crypto winter.
Launched this week at London’s Fintech Week, the poundtoken, recognized by the ticker “GBPT”, is issued by blackfridge, the Isle of Man-based fintech firm and permits direct GBP entry to digital asset markets and facilitates frictionless real-time settlements.
Designed with simplicity and client confidence at its core, the poundtoken ensures the peace of thoughts that holders can redeem their stablecoin for GBP at any second, with one pound sterling backing each GBPT issued. KPMG has been appointed as its auditors, whose month-to-month proof of reserve attestations will verify that every one tokens issued are 100% backed. Coupled with the regulation and integration of a distributed ledger, poundtoken goals to guard all holders from potential value volatility whereas cementing belief in its worth.
As a part of the partnership, Digivault will supply the holders of poundtoken safe custody within the UK, via its chilly and heat custody options. Holders can select to have their tokens held in vaults, which securely retailer personal keys alongside bodily treasured belongings equivalent to metals, uncommon gems, and effective artwork, or protected by government-grade information diodes which might be housed inside arguably probably the most bodily strong information facilities within the UK.
Digivault set the usual for digital asset custody when it grew to become the primary standalone custodian within the UK to realize FCA accreditation. Its military-grade options are actually utilized by legislation enforcement companies, together with a rising checklist of institutional purchasers.
Robert Cooper, CEO at Digivault, mentioned: “We’re delighted to companion with an organization that has the identical dedication to regulation and transparency as we do. Poundtoken.io is launching at a time when UK traders are wanting intently at their stablecoin portfolio to make sure that their belongings are liquid and protected. Poundtoken’s 100% backed and month-to-month attestations with an enormous 4 accountancy agency will give consolation to these traders and we imagine it can gasoline demand for the primary British-Isles regulated GBP stablecoin.”
Michael Crosbie, Chief Enterprise Officer at poundtoken.io, added: “We had been impressed by Digivault’s digital asset custody that integrates bodily and digital safety, and we all know the holders of poundtoken shall be too. By way of this partnership, we will now advocate to our purchasers a robust custodian that mixes a number of layers of safety, eliminating the necessity for belief in a single individual or group of individuals. As a part of a Nasdaq-listed group, Digivault is accountable to the SEC, in addition to to the FCA via its registration. We’re wanting ahead to a long-term relationship between our two corporations.”
Digivault gives digital asset custody that integrates bodily and digital safety, giving establishments tangible options in a quickly evolving world.
Digivault is a part of the EQONEX Group. EQONEX Restricted (NASDAQ: EQOS) is a technology-driven digital belongings monetary companies group that gives institutional-grade infrastructure and a full suite of buying and selling, custody, and asset administration options to purchasers. The Group’s digital belongings ecosystem has been designed to accommodate the wants of establishments and people with the identical diploma of regulatory oversight and safety they’re accustomed to in conventional monetary markets.
Blackfridge is a pioneering fintech firm on a mission to advance monetary companies via progressive expertise. Primarily based in Douglas within the Isle of Man, it’s financially regulated and licensed by the Isle of Man Monetary Providers Authority.