UK FCA-registered BCP launches British pound stablecoin

1 day ago

BCP Technologies, a United Kingdom-registered cryptocurrency firm, has launched a caller British pound-backed stablecoin pursuing a 14-month reappraisal successful the Financial Conduct Authority’s (FCA) regulatory sandbox.

The institution announced the rollout of its Tokenised GBP (tGBP) stablecoin successful an announcement shared with Cointelegraph connected June 3.

TGBP is present unrecorded connected BCB Technologies-operated crypto trading platform, BCP Markets, and is disposable to customers who walk Know Your Customer checks, with large exchanges expected to database tGBP successful the coming weeks.

“There are 2 ample exchanges that we are finalising details with — we are hoping to beryllium capable to denote these successful the pursuing weeks,” BCP Technologies CEO Benoit Marzouk told Cointelegraph.

“Live proof-of-concept for aboriginal FCA stablecoin regulation”

TGBP’s motorboat comes days aft the FCA launched a nationalist consultation connected proposed caller rules for stablecoin issuers and crypto custody providers connected May 28.

According to Marzouk, BCP Technologies is successful a unsocial concern wherever tGBP mightiness beryllium considered a “live proof-of-concept for aboriginal FCA stablecoin regulation.”

“BCP works intimately with the FCA — and volition enactment successful the FCA roundtable treatment connected July 4 connected the precocious published consultation paper,” the CEO said.

1:1 stablecoin issued connected Ethereum

TGBP is backed afloat with currency held successful a segregated slope account, with each token minted representing 1 British pound. The stablecoin is launched arsenic an ERC-20 token, meaning that it is initially issued connected the Ethereum blockchain.

“BCP proposes successful the aboriginal to backmost tGBP with short-term UK authorities bonds, successful enactment with the FCA treatment paper,” Marzouk told Cointelegraph.

Acting arsenic the issuer, BCP Technologies has been an FCA-registered crypto plus work supplier since 2021, formerly known arsenic BitcoinPoint, according to authoritative FCA records.

“Historically, it was a level ‘BitcoinPoint’ to democratise entree to Bitcoin, wherever anyone could bargain Bitcoin easily,” Marzouk said, adding:

“When the regularisation came successful 2020, BCP had to halt currency and pivoted into a much modular ‘buy online’ app. BCP was the archetypal crypto institution to instrumentality unfastened banking: you could bargain Bitcoin by linking your slope relationship instantly.”

Multiple usage cases

At launch, tGBP targets a wide scope of usage cases, including self-custody for retail and corporations to bring an alternate to banks, cross-border payments, organization collateral absorption and decentralized concern lending.

The caller stablecoin is besides expected to beryllium utilized arsenic the main lb obstruction for settling tokenised assets similar bonds, securities oregon existent estate, Marzouk said.

“Stablecoins alteration open, instant, and frictionless transfers, escaped from volatility. Our imaginativeness is to abstract the complexity of blockchain with the familiarity of a GBP denomination, yet replacing GBP e-money with our GBP stablecoin,” the CEO stated successful the announcement.

Limited availability of lb stablecoins

BCP’s motorboat enters a marketplace with constricted competition.

According to information from CoinGecko, determination are lone 2 tracked lb stablecoins astatine the clip of writing, including VNX British Pound (VGBP) and Celo British Pound (CGBP), with a combined marketplace headdress of little than $500,000.

Other lb stablecoin projects see the poundtoken (GBPT) stablecoin launched by Blackfridge successful 2022 and a lb (GBPA) stablecoin developed by the Digital Pound Foundation subordinate Agant.

Tether, issuer of the world’s largest stablecoin USDt (USDT), attempted to motorboat a lb stablecoin successful 2022, but it has not achieved important adoption successful the market.

Magazine: Crypto wanted to overthrow banks, present it’s becoming them successful stablecoin fight

View source