BCP Technologies, a cryptocurrency company registered in Great Britain, has launched a brand new, British -supported stable coin with a British back.
The company revealed the introduction of its tokenized GBP (TGBP) StableCoin in an announcement that was shared with cointelegraph on June 3.
TGBP is now available on the BCP technologies-operated crypto trading platform, BCP markets, lives and is offered to customers who know their customer exams, which can list TGBP requirements in the approaching weeks.
“There are two large stock exchanges with which we will complete details. We hope to announce them in the next weeks,” Benoit Marzouk, CEO of BCP Technologies, told CINTELGRAPH.
“Live Proof-of-Concept for future FCA StableCoin regulation”
TGBP starts days after the British Financial Conduct Authority began a public consultation on the proposed recent rules for StableCoin issuers and crypto -right -hand providers on May 28.
According to Marzouk, BCP Technologies is in a novel situation wherein TGBP might be seen as a “live proof-of -of-concert for future FCA StableCoin regulation”.
Source: tokenisedgbp.com
“BCP works closely with the FCA and can participate within the recently published consultation paper on the FCA Roundtable discussion on July 4,” said the CEO.
The start follows a 14-month submission process as a brand new product within the FCA Connect and a one-month review within the FCA regulatory sand box.
1: 1 StableCoin published on Ethereum
TGBP is fully secured with money on a separate checking account, with each token represents 1 British pound. The stable coin is began as an ERC 20 token, which implies that it’s originally exhibited on the Ethereum blockchain.
“In the long run, BCP proposes to support TGBP with short-term British government bonds in harmony with the FCA discussion paper,” Marzouk told CoinTelegraph.
BCP Technologies As a issuer, has been an FCA-registered crypto-asset service provider since 2021, who, in line with official FCA recordings, was previously often called Bitcoinpoint.
“Historically, it was a” Bitcoinpoint “platform to democratize access to Bitcoin, where every Bitcoin could easily buy,” said Marzouk and added:
“When the regulation took place in 2020, BCP needed to set money and immersed it in a typical app for” Kauf -online “. BCP was the primary crypto company that implemented Open Banking. You were capable of buy Bitcoin by linking your checking account immediately.”
Several applications
At the beginning, TGBP goals at a wide selection of applications, including self -service for retail and firms as an alternative choice to banks, cross -border payments, institutional security management and decentralized financial loans.
The recent stablecoin is predicted for use as a important traffic rail for the settlement of tokenized assets corresponding to bonds, securities or real estate, said Marzouk.
“Stable coins enable open, immediate and smooth transmissions, freed from volatility. Our vision is to abstract the complexity of the blockchain by the familiarity of a GBP confession and ultimately replace GBP E-money with our GBP StableCoin,” said the CEO within the announcement.
Limited availability of kilos of stable coins
The start of BCP enters a market with limited competition.
According to Coingecko, there are only two persecuted kilos of stable coins, including VNX British Pound (VGBP) and Celo British Pound (CGBP), with a combined market capitalization of lower than 500,000 US dollars.
Other projects from Pfund Stablecoin are the stable coin (Poundtoken “(GBPT) began by Blackfridge in 2022 in 2022 and a stablecoin developed by the Digital Pound Foundation member Agant.
Tether, issuer of the world's largest stablecoin USDT (USDT), tried to start out a pound of stablecoin in 2022, but has not achieved any significant introduction in the marketplace.
