Blackfridge, the Isle of Man-based fintech company, has secured financial backing from FunFair Ventures and Gate Ventures to fund its strategic operations and launch ‘poundtoken’, the first British-regulated stablecoin fully backed 1:1 by pound sterling (GBP).
The pre-A round – Blackfridge’s first with outside investors – raised a significant amount between the two new partners, and a further round is planned for later this year.
Launching in early July, poundtoken (GBPT) is a regulated stablecoin designed to allow for international transactions 24/7, without delays or costly fees. It guarantees holders that they can redeem their currency for GBP at any moment, as every GBPT is backed by one pound sterling. As the first stablecoin to be regulated in the British Isles, GBPT will provide a trustworthy cryptocurrency pegged to the British pound.
Alongside its financial backing, FunFair Ventures brings its background and expertise in blockchain technologies, to help Blackfridge grow at a rapid pace. The company will also offer commercial, marketing, event and corporate support for Blackfridge’s wider fintech work.
Lloyd Purser, Chief Operating Officer at FunFair Ventures, says: “Our future vision of the crypto space aligns closely with Blackfridge’s goals, which illustrated its qualities as a long-term partner. We are excited to bring our many years of blockchain and crypto expertise to their business and build on what Blackfridge has already accomplished.”
Gate Ventures, a specialist initiative focused on blockchain and crypto, will also support Blackfridge and list poundtoken on its exchange, Gate.io. The company will assist with PR and other activities, to accelerate Blackfridge’s services. The aim of the fund is to allow Blackfridge to focus on its operations, and scale further in the fintech space.
Kevin Yang, Managing Partner at Gate Ventures, said: “Recent weeks have seen why a new approach is needed for stablecoins. Strong regulation is vital to the long-term sustainability of cryptocurrencies, and Blackfridge’s preliminary work with poundtoken shows how it can be managed in the right way. With protections against volatility acting as a safety net, we are confident that poundtoken will be the first of many successful activities by Blackfridge.”
Michael Crosbie, Chief Business Officer of poundtoken, adds: “Our partnerships with FunFair Ventures and Gate Ventures will help Blackfridge focus on its growth in fintech, as we drive our exciting projects forward. Their extensive expertise will also aid with the launch of our exciting new cryptocurrency; with their assistance we will meet our aspirations with poundtoken, to make it a global, trusted and regulated stablecoin.”