Douglas, Isle of Man, 5th July – blackfridge, the Isle of Man-based fintech company, has secured financial backing from FunFair Ventures and Gate Ventures to fund its strategic operations and launch poundtoken, the first British-regulated stablecoin fully backed 1:1 by pound sterling (GBP). The pre-A round – blackfridge’s first with outside investors – raised a significant amount between the two new partners. A further round is planned for later this year.
Launching in early July, poundtoken (GBPT) is a regulated stablecoin designed to allow for international transactions 24/7, without delays or costly fees. It guarantees holders that they can redeem their currency for GBP at any moment, as every GBPT is backed by one pound sterling. As the first stablecoin to be regulated in the British Isles, GBPT will provide a trustworthy cryptocurrency pegged to the British pound.
Alongside its financial backing, FunFair Ventures brings its background and expertise in blockchain technologies, to help blackfridge grow at a rapid pace. The company will also offer commercial, marketing, event, and corporate support for blackfridge’s wider fintech work.
Lloyd Purser, Chief Operating Officer at FunFair Ventures, said: “Our future vision of the crypto space aligns closely with blackfridge’s goals, which illustrated its qualities as a long-term partner. We’re excited to bring our many years of blockchain and crypto expertise to their business and build on what blackfridge has already accomplished.”
Additionally, Gate Ventures – a specialist initiative focused on blockchain and crypto – will support blackfridge and list poundtoken on its exchange, Gate.io. The company will also aid with PR and other activities, to accelerate blackfridge’s services. The aim of the fund is to allow blackfridge to focus on its operations, and to scale further in the fintech space.
“Recent weeks have seen why a new approach is needed for stablecoins,” said Kevin Yang, Managing Partner at Gate Ventures. “Strong regulation is vital to the long-term sustainability of cryptocurrencies, and blackfridge’s preliminary work with poundtoken shows how it can be managed in the right way. With protections against volatility acting as a safety net, we’re confident that poundtoken will be the first of many successful activities by blackfridge.”
Michael Crosbie, Chief Business Officer of poundtoken, said: “Our partnerships with FunFair Ventures and Gate Ventures will help blackfridge focus on its growth in fintech, as we drive our exciting projects forward. Their extensive expertise will also aid with the launch of our exciting new cryptocurrency; with their assistance we will meet our aspirations with poundtoken, to make it a global, trusted and regulated stablecoin.”
blackfridge is a pioneering fintech company on a mission to advance financial services through innovative technology. Based in Douglas in the Isle of Man, it is financially regulated and licensed by the Isle of Man Financial Services Authority.
ABOUT FUNFAIR VENTURES:
FunFair Ventures, born out of the FunFair Technologies Group, is a new programme to support early-stage blockchain projects.
FunFair Technologies was founded in 2017 with a mission to develop decentralised applications for igaming, and has been at the bleeding edge of blockchain development since.
Using this experience FunFair Ventures aims to plug a gap in the funding process for early-stage blockchain projects and is offering more than just funding. We also offer unparalleled commercial, marketing, corporate and technical support as needed to our partners.
ABOUT GATE VENTURES:
Gate Ventures, the venture capital arm of Gate.io, is focused on investments in decentralized infrastructure, ecosystems, and applications that will reshape the world in the Web 3.0 age. Working with industry leaders across the world, Gate Ventures aims to help promising teams and start-ups that have the ideas to redefine social and financial interactions.