Summary
- BCP Technologies announced the launch of the Pound-backed stablecoin tGBP.
- tGBP is issued on the Ethereum blockchain and each token is said to have the same value as 1 Pound.
- tGBP is currently tradable on the company's own trading platform, with major exchange listings expected within a few weeks.
UK-based virtual asset (cryptocurrency) company 'BCP Technologies' has launched a Pound-backed stablecoin.
According to Cointelegraph on the 3rd (local time), BCP Technologies announced in a statement, "After 14 months of the Financial Conduct Authority (FCA) regulatory sandbox review, we have launched the Pound-backed stablecoin 'tGBP'."
tGBP is issued on the Ethereum (ETH) blockchain, and each token has the same value as 1 Pound. In addition, it is 100% backed by cash deposited in a separate bank account. However, the collateral assets will be converted to short-term UK government bonds in the future.
Currently, tGBP can be traded on BCP Technologies' affiliated trading platform, BCP Market. Listing on major exchanges is also expected to take place within a few weeks. Benoît Marzouk, CEO of BCP Technologies, said, "We are finalizing detailed contract terms with two major exchanges," adding, "An announcement could be made within the next few weeks."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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