San Francisco-based TrustToken have launched TrueGBP, a stablecoin backed 1-for-1 with British Pound Sterling. TrustToken’s first stablecoin was the US dollar backed TrueUSD, currently ranked 39 on Coinmarketcap. As we reported earlier this month, TrustToken introduced a dashboard that provides real-time confirmation of the funds that back all of their stablecoins.
Stablecoins are used to provide a seamless on/off ramp for crypto to fiat transactions. The team hopes that this new coin will have a “massive impact” on the foreign exchange market.
TrueUSD is listed on a number of exchanges including Binance, OKEx, Bittrex, and Huobi and TrueGBP is available on major OTC desks including Alameda Research, Bluefire Capital, Galois Capital, and QCP Capital. Although there is no time frame given, they hope to be trading TrueGBP on live exchanges soon.
GBP funds backing TrueGBP will initially be held in US escrow accounts and it will trade under the ticker symbol TGBP. Traders can purchase TrueGBP in the TrustToken App
Stablecoin A Bridge Between The Fiat And Cryptocurrency World
“We are excited to be launching TrueGBP to provide our users with access to one of the most traded currencies in the world,” said Rafael Cosman, TrustToken co-founder and the company’s Head of Engineering and Product.
Cosman claims that without being tied to an exchange, they built a bridge between the fiat and crypto world with TrueUSD.
“Our goal in launching TrueGBP is to fully utilize this bridge to reduce the friction within global financial markets, to seamlessly increase the speed and decrease the cost of transferring value across global borders,” he said.
TrustToken say TrueGBP expands the use cases for stablecoins and is a major step towards fulfilling the promise of blockchain. They are offering traders the first-ever opportunity to move between multiple tokenized currencies.
Cosman said that the next major growth phase of the blockchain industry will be driven by real-world use cases.
“Everyday users and large institutions do not need to know the inner workings of the blockchain, they just want to be able to easily experience the benefits,” he said. “By building the tools that invisibly integrate fiat-to-crypto transactions into applications and exchanges around the world, we are spearheading solutions for the single greatest challenge in the blockchain world: adoption”.