Damex unveiled their new partnership with Poundtoken this week as they together relaunched the latter’s GBPT stablecoin as 1GBP.

Establishing this strategic relationship highlights Damex’s dedication to fostering innovation in the British financial ecosystem. 1GBP will be the first fiat stablecoin launched as part of a new group from Archblock’s wider Stablecoin Issuance Platform. 

Commitment to Integrity

Poundtoken’s dedication to openness and security is reinforced by its partnership with ClearBank. This British clearing bank operates under full regulation and holds all reserves at the Bank of England. 

Poundtoken also collaborates with KPMG to conduct quarterly attestations. These attestations assist in ensuring that 1GBP maintains complete support throughout its existence. 

Damex Welcomes 1GBP into Its Growing Ecosystem

Damex, established in 2017, is recognized as one of the most significant digital asset custodians in Europe. The company has established a distinct position in the market by utilizing its specialized knowledge to manage a digital asset over-the-counter (OTC) trading desk, a Corporate IBAN platform, and comprehensive custody solutions. 

“We’re thrilled to announce the integration of 1GBP into our ecosystem for retail users and business clients,” remarked Sam Buxton, CEO of Damex. “The demand for 1GBP has exponentially grown among our customers, as its business model guarantees that it will always maintain a stable value and facilitate seamless transactions. This partnership enables us to fulfil our original goal of transforming B2B payments. Becoming the inaugural authorized distributor of 1GBP, with the added benefit of rewarding our customers for holding the stablecoin in their custody, is a milestone we’re immensely proud of.“

 

ClearBank’s Vital Role

ClearBank is a UK clearing bank with reserves held at the Bank of England. The platform plays a crucial role in facilitating smooth financial transactions and cultivating confidence in digital finance.

 The platform’s role goes beyond mere custody; it will enable real-time transfers, ensuring instant stablecoin financing and defunding while preserving correct fiat balances. This capability is well aligned with the intrinsic nature of blockchain-based currencies, where transactions occur around the clock, necessitating a trustworthy and responsive banking partner. 

Beyond A Token

The relaunch of GBPT as 1GBP is part of a larger effort constituting a comprehensive stablecoin suite on Archblock’s Stablecoins Issuance Platform. This move includes the release of other global stablecoins, such as 1CAD, 1AUD, 1USD, 1EUR, and 1HKD, with 1GBP serving as the first launch within this group. 

“This relaunch with Damex and Archblock isn’t just a change of token ticker; it’s a reflection of our renewed commitment to providing a trusted fiat-backed solution to everyone globally who values the reliability of the Great British Pound. 

With our rebranding to ‘1GBP’ and inclusion in Archblock’s robust portfolio, we are positioned uniquely to facilitate frictionless payments cross-border transactions and build an FX market that works for everyone,” said Mike Crosbie, CEO of Poundtoken.

“We are delighted to be joining forces with Poundtoken to re-launch 1GBP. At the core of our endeavours lies a steadfast commitment to prioritizing the security and compliance of users. We aim to use Web3-enabled finance systems to democratize financial solutions that have historically been available only to those with access to traditional banking institutions. This partnership not only marks a milestone in our collective journey but also signals a new chapter of possibility for the DeFi realm,” said Alex de Lorraine, CEO of Archblock

1GBP’s integration into the Archblock portfolio and continued expansion into international markets highlight the company’s importance in the expanding landscape of digital banking.