Isle of Man FinTech blackfridge has raised millions in a pre-Series A round to launch a pound-backed stablecoin.
Poundtoken (GBPT), set to launch imminently, is claimed to be the first British-regulated stablecoin fully backed 1:1 by pound sterling which will allow for ‘international transactions 24/7, without delays or costly fees’.
The funding comes from FunFair Ventures and Gate Ventures – its first external capital – and will also fund strategic operations.
FunFair, which has expertise in blockchain technologies, will also offer commercial, marketing, event and corporate support to blackfridge.
“Our future vision of the crypto space aligns closely with blackfridge’s goals, which illustrated its qualities as a long-term partner,” said Lloyd Purser, COO at FunFair Ventures.
“We’re excited to bring our many years of blockchain and crypto expertise to their business and build on what blackfridge has already accomplished.”
Gate Ventures is a specialist initiative focused on blockchain and crypto. It will support blackfridge and list poundtoken on its exchange, Gate.io.
“Recent weeks have seen why a new approach is needed for stablecoins,” said Kevin Yang, managing partner at Gate Ventures.
“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.”