Digivault, the UK-regulated digital asset custody provider, has entered into a partnership with poundtoken.io, the first UK-regulated stablecoin that is 100pct backed by GBP.
The recently launched stablecoin, poundtoken, is known by the ticker “GBPT”, and is issued by blackfridge, the Isle of Man-based fintech company. KPMG has been appointed as its auditors, whose monthly proof of reserve attestations will confirm that all tokens issued are 100pct 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 stores private keys alongside physical precious assets such as metals, rare gems and fine art, or protected by government-grade data diodes housed inside physically robust data centres in the UK.