The United Kingdom-Representative Cryptocurrency firm BCP Technologies launched a new British pound-supported stabycin after a 14-month review in the Financial Conduct Authority (FCA) regulator Sandbox.
The company revealed its token GBP (TGBP) Stablecoin rollout in the announcement shared with cointelegraph on 3 June.
TGBP is now live on BCB Technologies-Operated Crypto Trading Platform, BCP markets, and is available to customers who know your customer’s investigation, expect major exchanges with expecting TGBP in the coming weeks.
BCP Technologies CEO Benoit Marjok told Cointelgraph, “There are two big exchanges with which we are finalizing the details. We are expecting them to be able to announce them in next weeks.”
“Live proof-off-concept for future FCA Stabeloin regulation”
The launch of TGBP comes a few days after FCA starts a public consultation on the new rules proposed by FCA to StableCoin issuer and Crypto detention providers.
According to Marzuk, BCP technologies are in a unique position, where TGBP can be considered “live proof-off-concept for future FCA Stabecoin regulation”.
The CEO said, “The BCP works closely with FCA, and FCA will participate in the discussion on 4 July on the recently published counseling.”
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TGBP is fully supported with cash conducted in a separate bank account, represents 1 British pounds with each token. Stablecoin has been launched as ERC-20 tokens, which means that it is initially released on the Ethereum Blockchain.
“BCP proposes to return to TGBP with short -term UK government bonds to the future FCA discussion letter,” Marzok told the coinlagraph.
Acting as a issuer, BCP Technologies is an FCA-regulated Crypto Asset Service Provider since 2021, first known as bitcoinpoint, known as bitcoinpoint, According For official FCA records.
“Historically, it was a platform ‘bitcoinpoint’ to democratizing access to bitcoin, where one could easily buy bitcoin,” said Marjuk said:
“When the regulation came in 2020, the BCP had to stop the cash and was published in a more standard ‘Buy’ app. BCP was the first crypto company to implement Open Banking; you could buy bitcoin by adding your bank account immediately.”
Multiple use cases
At the time of launch, TGBP targets a wide range of cases including banks, border payments, institutional collateral management and decentralized finance lending options, including retail and self-asset for corporations.
Marjok said that new stabelcoins can also be used as a main pound rail to settle the property of tokens such as bonds, securities or real estate.
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“StableCunes enable open, instantaneous and free transfer, free from instability. Our vision is to abstract blockchain with the familiarity of a GBP sect, eventually GBP is replacing GBP e-Money with our GBP stabblecoin,” CEO said in the announcement.
Limited availability of pound stabcoin
The launch of BCP enters a market with limited competition.
According For COINGECKO data, there are only two tracked pounds stabechoin at the time of writing, including VNX British pounds (VGBP) and CELO British pounds (CGBP), which has a united market cap of less than $ 500,000.
Other pound stabechoin projects include “Poundatocaine” (GBPT) Stabelcoin and a pound (GBPA) Stabelcoin launched by Black Fridged in 2022 in 2022. advanced Member of Digital Pound Foundation by eggs.
Tether, the world’s largest StableCoin USDT (USDT) issuer attempted to launch a pound Stabelcoin in 2022, but has not done significant adoptions in the market.
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