BCP technologies, a cryptocurrency company registered by the United Kingdom, launched a new British pounds supported by Stablecoin following a 14-month review of regulation of the Financial Conduct Authority (FCA) regulation.
The company announces the tokenized GBP (TGBP) Stablecoin In an announcement shared with Cointelegraph on June 3.
TGBP is now living on BCB technologies run by Crypto Trading Platform, BCP Markets, and available to customers who pass Learn your customer checkswith major exchanges expected to list TGBP in the coming weeks.
“There are two major exchanges that we are finishing details – we hope to be able to announce them in the following weeks,” BCP Technologies CEO Benoit Marzouk told Cointelegraph.
“Live Proof-of-Concept for Future FCA Stablecoin Regulation”
TGBP launch came days after the FCA launched a public consultation with Suggested new policies for those who gave stablecoin and Crypto Care of Care on May 28.
According to Marzouk, BCP technologies are in a unique situation where TGBP may be considered a “live proof-of-concept for FCA Stablecoin’s future regulation.”
“The BCP works closely with the FCA – and will participate in the FCA Roundtable discussion on July 4 in recently published consultation paper,” the CEO said.
1: 1 Stablecoin issued in Ethereum
The TGBP is fully back -in with cash held on a separate bank account, along with each token Minted representing 1 British pounds. Stablecoin is launched as a ERC-20 tokenThis means it is first released in the Ethereum blockchain.
“The BCP suggests in the future to back TGBP with short-term Bonds of the UK government, in accordance with the FCA discussion,” Marzouk told Cointelegraph.
Acting as Provides, BCP technologies has been a FCA crypto asset provider since 2021, formerly known as Bitcoinpoint, According to to official FCA records.
“Historically, it’s a ‘Bitcoinpoint’ platform to -Democratize access to Bitcoin, where Bitcoin is easy to buy,” Marzouk said, and added:
“When the regulation arrived in 2020, the BCP had to stop cash and pivoted to a more common ‘Buy Online’ app. The BCP was the first crypto company that implemented open banking: You can buy Bitcoin by losing your bank account immediately.”
Multiple cases of use
In launch, TGBP targets a wide range of usage cases, including Self -customody For retail and corporations to bring an alternative to banks, cross-border payment, institutional collateral management and decentralized financial lending.
The new Stablecoin is also expected to be used as the main pounds railroads for the removal of tokenised assets such as bonds, security or real estate, Marzouk said.
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“Stablecoins activates the transfers of tomorrow, instant, and frictionless, free from volatility. Our vision is to abstract the complexity of the blockchain with a GBP denomination, which ultimately replaces the GBP E-Pra with our GBP Stablecoin,” the CEO stated in the announcement.
Limited presence of pound stablecoins
Launching the BCP enters a market with limited competition.
According to In data from coingecko, there are only two monitored pound stablecoins at the time of writing, including the VNX British Pound (VGBP) and Celo British Pound (CGBP), with a combined market cap of less than $ 500,000.
Other projects of Pound Stablecoin include PoundToken (GBPT) Stablecoin Launched by Blackfridge In 2022 and a pounds (GBPA) Stablecoin developed Through the Digital Pound Foundation Member Agant.
Tether, provided the largest stablecoin USDT in the world (USDT) attempted to launch a pounds stablecoin In 2022, it did not achieve significant adoption in the market.
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