Okbet FunFair Ventures and Gate Ventures have given money to the Isle of Man-based fintech company Blackfridge. To help fund its strategic operations and launch poundtoken. The first British-regulated stablecoin fully backed 1:1 by pound sterling (GBP). The pre-A round, which was blackfridge’s first with investors from outside the company, brought in a lot of money from the two new partners. Later this year, there will be another round.
GBPT, or poundtoken, is a regulated stablecoin that started trading at the beginning of July. Made it to make international transactions possible 24/7, without delays or high fees. It guarantees that anyone with GBPT can exchange it at any time for GBP. Since each GBPT backed by one pound sterling. As the first stablecoin to regulate in the British Isles. GBPT will be a reliable cryptocurrency tied to the British pound.
Okbet FunFair Ventures is helping black fridge overgrow by providing financial support and blockchain technology expertise. The company will also help black fridge with its other fintech work in areas like sales, marketing, events, and business.
Lloyd Purser, who works at New FunFair Ventures
“Our vision for the future of the crypto space is very similar to blackfridge’s goals. Which shows how good it is as a long-term partner. We’re excited to bring our many years of experience with blockchain. And crypto to their business and build on what black fridge has already done.”
Also, Gate Ventures, which is a blockchain and cryptocurrency-focused initiative. Will support black fridge and list the poundtoken on its exchange. The company will also help black fridge with PR and other things to speed up its services. The fund’s goal is to help black fridge focus on running its business and grow in the fintech space.
Kevin Yang, the Managing Partner at Gate Ventures, said, “The last few weeks have shown why stablecoins need a new approach.” “Strong regulation is essential for the long-term success of cryptocurrencies, and Blackfridge’s early work with poundtoken shows how you can do it right. With protections against volatility acting as a safety net, we’re sure that poundtoken will be the first of many successful projects by blackfridge.
Michael Crosbie, poundtoken’s Chief Business Officer
“Our partnerships with okbet FunFair Ventures and Gate Ventures will help black fridge focus on its growth in fintech as we move our exciting projects forward. Their wealth of experience will also help us launch our exciting new cryptocurrency. With their help, we’ll be able to make poundtoken a global, trusted, and regulated stablecoin, which is what we wanted it to be.
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