Damex and Poundtoken Team Up To Relaunch The UK’s First Regulated GBP Stablecoin — ‘1GBP’

In a new move aimed at fostering the global adoption of stablecoins, Poundtoken and Damex have orchestrated a strategic alliance, creating new possibilities for the GBPT stablecoin, now rebranded as 1GBP. This partnership, fueled by Archblock’s technology and fortified by ClearBank’s reserves, marks a pivotal moment in the evolution of British stablecoins.

At the heart of this partnership lies a commitment to transparency and security. Poundtoken’s decision to anchor 1GBP’s reserves with ClearBank, a reputable UK banking institution with all balances held at the Bank of England, underscores a dedication to trust and reliability.

The 1GBP Stablecoin

Damex stands out as one of the first licensed digital asset custodians and broker-dealers in Europe. Damex’s CEO Sam Buxton was very enthusiastic about the partnership and stressed the importance of 1GBP’s integration into their ecosystem for consumers and businesses. 

He said, “We’re thrilled to announce the integration of 1GBP into our ecosystem for retail users and business clients. 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 authorised 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.”

Additionally, ClearBank distinguishes itself as a purpose-built, technology-enabled clearing bank. Leveraging its banking license and cutting-edge technology solutions, ClearBank facilitates real-time transfers, ensuring instant funding and defunding of stablecoins while simultaneously upholding the correct fiat reserve at all times. Such capability aligns with the always-on nature of blockchain-based currencies, with reserves as the cornerstone for stablecoin stability by securely anchoring their peg to a fiat currency.

A New Era of Trust and Accessibility

The relaunch of 1GBP is a part of a larger plan. Along with 1CAD, 1AUD, 1USD, 1EUR, and 1HKD, it will be part of Archblock’s broader puzzle of other key global stablecoins. As the first product in this series to be released, 1GBP is well-positioned to take the lead. 

“We are delighted to be joining forces with Poundtoken to relaunch 1GBP. At the core of our endeavours lies a steadfast commitment to prioritising user security and compliance. We aim to use Web3-enabled finance systems to democratise financial solutions that have historically been available only to those with access to traditional banking institutions. This partnership marks a milestone in our collective journey and signals a new chapter of possibility for the DeFi realm,” said Alex de Lorraine, CEO of Archblock.

“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 and cross-border transactions and build an FX market that works for everyone,” said Mike Crosbie, CEO of Poundtoken.

One of Archblock’s primary goals is to ensure that the future generation of online banking platforms supports the British pound. As a result, this launch represents the spearhead of the platform’s wider vision for blockchain-based global finance

Wrapping Up

Beyond the relaunch, 1GBP embodies the creation of a more robust financial ecosystem through democratising financial solutions. 1GBP’s continued success paves the way for more innovations in decentralised finance, especially considering that Archblock’s platform is about to launch other important global stablecoins.