Digivault becomes first custody partner of Poundtoken.io, the first British-Isles regulated and 100% backed GBP stablecoin

LONDON, July 12, 2022 /PRNewswire/ -- FCA-registered custody provider Digivault, part of the EQONEX Group, has entered into a partnership with Poundtoken.io, the first British-Isles regulated stablecoin that is 100% backed by GBP.

This comes as market volatility and liquidation events continue to drive investors to regulated stablecoins in an effort to safeguard portfolios and store wealth during the crypto winter.

Launched this week at London's Fintech Week, poundtoken, known by the ticker "GBPT", is issued by blackfridge, the Isle of Man-based fintech company and allows direct GBP access to digital asset markets and facilitates frictionless real-time settlements.

Designed with simplicity and consumer confidence at its core, poundtoken guarantees the peace of mind that holders can redeem their stablecoin for GBP at any moment, with one pound sterling backing every GBPT issued. KPMG has been appointed as its auditors, whose monthly proof of reserve attestations will confirm that all tokens issued are 100% backed. Coupled with the regulation and integration of a distributed ledger, poundtoken aims to protect all holders from potential price volatility while cementing trust in its value.

As part of the partnership, Digivault will offer the holders of poundtoken secure custody in the UK, through its cold and warm custody solutions. Holders can choose to have their tokens held in vaults, which securely store private keys alongside physical precious assets such as metals, rare gems and fine art, or protected by government-grade data diodes that are housed inside arguably the most physically robust data centres in the UK.

Digivault set the standard for digital asset custody when it became the first standalone custodian in the UK to gain FCA accreditation. Its military-grade solutions are now used by law enforcement agencies, along with a growing list of institutional clients. 

Robert Cooper, CEO at Digivault, said: "We are delighted to partner with a company that has the same commitment to regulation and transparency as we do. Poundtoken.io is launching at a time when UK investors are looking closely at their stablecoin portfolio to ensure that their assets are liquid and safe. Poundtoken's 100% backed and monthly attestations with a big four accountancy firm will give comfort to those investors and we believe it will fuel demand for the first British-Isles regulated GBP stablecoin."

Michael Crosbie, Chief Business Officer at poundtoken.io, added: "We were impressed by Digivault's digital asset custody that integrates physical and virtual security, and we know the holders of poundtoken will be too. Through this partnership, we can now recommend to our clients a powerful custodian that combines multiple layers of protection, eliminating the need for trust in a single person or group of people. As part of a Nasdaq-listed group, Digivault is accountable to the SEC, as well as to the FCA through its registration. We are looking forward to a long-term relationship between our two companies."

About Digivault

• Digivault provides digital asset custody that integrates physical and virtual security, giving institutions tangible solutions in a rapidly evolving world. We deliver a powerful custodian that combines multiple layers of protection, eliminating the need for trust in a single person or group of people. As part of a Nasdaq-listed company, we are accountable to the SEC, meaning increased regulation. However, we eliminate the need for trust through our processes and technology, providing our clients with peace of mind.  
• Digivault is part of the EQONEX Group. EQONEX Limited (NASDAQ: EQOS) is a technology driven digital assets financial services group that provides institutional grade infrastructure and a full suite of trading, custody and asset management solutions to clients. The Group's digital assets ecosystem has been designed to accommodate the needs of institutions and individuals with the same degree of regulatory oversight and security they are accustomed to in traditional financial markets. EQONEX's ecosystem primarily encompasses EQONEX Exchange, a digital asset exchange; Digivault, EQONEX Investment Products, listed crypto vehicles and Bletchley Park Asset Management, a fund of crypto-hedge funds.

For more information visit: www.digivault.com. Follow Digivault on social media on Twitter @DigivaultGlobal, and on LinkedIn.

ABOUT Blackfridge:

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.

Forward-Looking Information

Any forward-looking statements in this press release are based on available current market material and management's expectations, beliefs and forecasts concerning future events impacting EQONEX. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause the results of EQONEX to differ materially from those expressed or implied by such forward-looking statements. The forward-looking statements made in this press release speak only as of the date hereof and we disclaim any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations or future events.

SOURCE EQONEX