Isle of Man-based FinTech company blackfridge has secured its pre-Series A as it launches the first British-regulated stablecoin.
blackfridge plans to launch the poundtoken, which is fully backed by 1:1 by pound sterling.
The size of the investment was not disclosed, but the capital was supplied by FunFair Ventures and Gate Ventures. Alongside its investment, FunFair will supply blackfridge with blockchain technology expertise, as well as commercial, marketing, event, and corporate support.
Gate Ventures will also support bloackfridge by listing the poundtoken on its exchange Gate.io. It will also help with PR activities to support growth.
Another funding round is planned for later in the year.
Poundtoken is designed to allow international transactions 24/7, without delays or costly fees. It guarantees holders that they can redeem their currency for GDP at any moment.
Gate Ventures managing partner Kevin Yang said, “Recent weeks have seen why a new approach is needed for stablecoins.
“Strong regulation is vital to the long-term sustainability of cryptocurrencies, and blackfridge’s preliminary work with poundtoken shows how it can be managed in the right way. With protections against volatility acting as a safety net, we’re confident that poundtoken will be the first of many successful activities by blackfridge.”
It was recently announced that Circle Internet Financial, the issuer of the USD Coin dollar-pegged stablecoin, is set to introduce a new stablecoin backed by the single European currency.
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