Damex and Poundtoken Relaunch GBPT Stablecoin at 1GBP

Digital asset management company Damex has teamed up with Poundtoken to overhaul its GBPT stablecoin and reintroduce it at 1GBP. Facilitated by Archblock’s Stablecoins Issuance Platform and supported by ClearBank, this rebrand and technology transition aims to not only improve the attractiveness of stablecoins on the international stage, but also usher in a new era of trust and stability in decentralized finance (DeFi). do.

This relaunch marks a significant advancement for GBPT, which will now be the first in a series of international fiat-backed stablecoins utilizing Archblock’s technological framework. This move highlights the growing importance of stablecoins in global finance, providing a trusted and stable digital counterpart to traditional currencies amid the volatile cryptocurrency markets.

Poundtoken’s choice to store 1GBP of reserves at ClearBank – a move that ensures one-to-one support with funds held at the Bank of England – strengthens the stablecoin’s credibility. This strategic partnership aims to leverage the Bank of England’s reputation for financial stability to instill unrivaled confidence in 1GBP among users.

The collaboration between Damex and Poundtoken is not just a transaction, it is innovative. Damex CEO Sam Buxton emphasized the importance of 1GBP being integrated into the ecosystem, noting that demand from both retail users and business customers is growing exponentially. The stable value and smooth transaction capabilities of stablecoins are considered key factors driving stablecoin adoption.

Additionally, ClearBank’s introduction of real-time transfers, which ensure immediate funding and accurate reserve maintenance, reflects the evolving needs of the blockchain ecosystem. These innovations are critical to maintaining the ‘always-on’ nature of digital currencies and ensure that stablecoins like 1GBP can effectively serve as a trusted medium of exchange and store of value.

Mike Crosbie, CEO of Poundtoken, sees this relaunch as a commitment to global financial inclusion, aiming to leverage the reliability of the British pound to facilitate seamless payments and cross-border transactions. This initiative makes 1GBP a pivotal player in the development of more accessible and efficient foreign exchange markets.

This venture extends beyond the relaunch of a single stablecoin. 1GBP will lead the portfolio of major global stablecoins within Archblock’s Stablecoins issuance platform, including 1CAD, 1AUD, 1USD, 1EUR and 1HKD. These diverse approaches represent a concerted effort to embed stablecoins deeply into the international financial architecture, addressing the need for secure, stable, and seamless cross-currency transactions.

Alex de Lorraine, CEO of Archblock, emphasized the partnership’s focus on security, compliance, and the democratization of financial solutions reserved for those who have historically had access to traditional banking services.

Our collaboration with Poundtoken and the broader stablecoin initiative is seen as a milestone on our journey towards a more inclusive DeFi ecosystem.

The reimagined 1GBP stablecoin is not just a technology upgrade. This represents a shift towards a future where digital currencies are adopted as the standard for global finance.

This alliance between Damex, Poundtoken and supporting partners marks a strategic move to integrate digital financial systems into the everyday financial transactions of individuals and businesses around the world and represents a significant step forward in the pursuit of a stable and trustworthy digital economy.

Also Read: Mastercard Doubles Down on Cryptocurrencies to Enable Stablecoin Payments on its Network with Stables