Today, digital asset management company Damex has partnered with Poundtoken, the first fully regulated GBP stablecoin issuer in the British Isles, to relaunch their GBPT stablecoin as 1GBP. The stablecoin will be powered by Archblock Stablecoins Issuance Platform as the first of a new portfolio of international fiat-backed stablecoins.

Poundtoken will hold 1GBP’s one-to-one reserves with ClearBank, a fully regulated UK bank that holds all balances at the Bank of England. This arrangement seeks to offer users the ultimate peace of mind, leveraging the Bank of England’s reputation as a bastion of financial stability and trustworthiness. This fosters trust in the stability and dependability of the 1GBP stablecoin.

“We’re thrilled to announce the integration of 1GBP into our ecosystem for retail users and business clients,” remarked Sam Buxton, CEO of Damex. “The demand for 1GBP has exponentially grown among our customers, as its business model guarantees that it will always maintain a stable value and facilitate seamless transactions. This partnership enables us to fulfil our original goal of transforming B2B payments. Becoming the inaugural authorised distributor of 1GBP, with the added benefit of rewarding our customers for holding the stablecoin in their custody, is a milestone we’re immensely proud of.“

ClearBank will also provide real-time transfers to enable instant funding and defunding of the stablecoin and maintain the correct fiat reserve at all times, supporting the always-on nature of blockchain-based currencies. Reserves are the cornerstone of stability for stablecoins, as they serve as the backbone for maintaining their peg to a fiat currency. 

“This relaunch with Damex and Archblock isn’t just a change of token ticker; it’s a reflection of our renewed commitment to providing a trusted fiat-backed solution to everyone globally who values the reliability of the Great British Pound. 

With our rebranding to ‘1GBP’ and inclusion in Archblock’s robust portfolio, we are positioned uniquely to facilitate frictionless payments, cross-border transactions and build an FX market that works for everyone,” said Mike Crosbie, CEO of Poundtoken.

This relaunch is not an isolated move – 1GBP is a piece of a larger puzzle that encompasses the launch of other major global stablecoins like 1CAD, 1AUD, 1USD, 1EUR and 1HKD within Archblock’s Stablecoins Issuance Platform. 1GBP will spearhead this new suite of products as the first launch in the group.

“We are delighted to be joining forces with Poundtoken to re-launch 1GBP. At the core of our endeavours lies a steadfast commitment to prioritising the security and compliance of users. We aim to use Web3-enabled finance systems to democratise financial solutions that have historically been available only to those with access to traditional banking institutions. This partnership not only marks a milestone in our collective journey but also signals a new chapter of possibility for the DeFi realm,” said Alex de Lorraine, CEO of Archblock

Its inclusion in the Archblock portfolio and continued expansion into international markets solidifies 1GBP’s position as not just a stablecoin but as a harbinger of a new era of trust, stability, and global financial inclusivity. The company aims to integrate GBP seamlessly into the next generation of digital finance systems. 

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About Poundtoken

Poundtoken is the first British-regulated stablecoin issuer and the sole issuer of the 1GBP ($1GBP) stablecoin. KPMG provides quarterly attestations to ensure that 1GBP is always fully 100% backed in GBP. 

Disclaimer: Poundtoken and poundtoken.io are business names of Blackfridge SC Limited. Blackfridge SC Limited is a company incorporated in the Isle of Man under company Number 134289C. Registered Address 55 Athol Street, Douglas IM1 1BL. Blackfridge SC Limited is licensed and regulated by the Isle of Man Financial Services Authority to carry on Class 8 (2)(a) and (4) – Money Transmission Services as a part of the Authority’s Regulatory Sandbox. Funds received by Blackfridge SC Limited do not constitute deposits as defined in the Regulated Activities Order 2011 and are not covered by the Isle of Man Depositors’ Compensation Scheme. For the avoidance of doubt, “poundtoken” is a trading name and has no official connection or affiliation with British Pound Sterling (GBP) currency issued in the United Kingdom, and has no legal or regulatory protections in the United Kingdom.”

About Damex

Established in 2017, Damex is one of the first regulated digital asset custodians and broker-dealers in Europe. Headquartered in Gibraltar, Damex’s team of 70 is fully focused on creating the building blocks for a tokenized future. Currently doing so by successfully operating a digital asset OTC trading desk, a Corporate IBAN platform and custody solutions.  

About Archblock Stablecoins

Archblock is expanding access to financial opportunities and global trade with its Archblock Stablecoins portfolio and Archblock Marketplace. Archblock Stablecoins offers the technical and operational foundation to build white-label stablecoins for others, and operates a portfolio of fiat-backed stablecoins.

About ClearBank

ClearBank is a purpose-built, technology-enabled clearing bank. Through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.

ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). Visit www.clear.bank for more information.