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July 12, 2022 - Custody provider Digivault, part of the EQONEX Group, 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 regulated stablecoins in an effort to safeguard portfolios and store wealth during the crypto winter.
Launched this week at London's Fintech Week, 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, 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 centres in the UK.
Digivault became the first standalone custodian in the UK to gain FCA accreditation and its solutions are now used by institutional clients.
Robert Cooper, CEO at Digivault, said: "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."
Michael Crosbie, Chief Business Officer at poundtoken.io, added: "We were impressed by Digivault's digital asset custody that integrates physical and virtual security, and we know the holders of poundtoken will be too. Through this partnership, we can now recommend to our clients a powerful custodian that combines multiple layers of protection, eliminating the need for trust in a single person or group of people. As part of a Nasdaq-listed group, Digivault is accountable to the SEC, as well as to the FCA through its registration. We are looking forward to a long-term relationship between our two companies."
