Cryptocurrency startup TrustToken launched its second stablecoin backed by British Pound.
"Our team set the new standard for stablecoins with #TrueUSD. Now we’re excited to launch #TrueGBP, a big step forward for driving the next wave of use cases for the #cryptocurrency industry”, they wrote in Twitter announcement.
TrueGBP is already available on several over-the-counter (OTC) trading platforms, including Alameda Research, Bluefire Capital, Galois Capital and QCP Capital. The TrustToken team says that the coin will soon become available through cryptocurrency exchanges.
TrueGBP is trading with TGBP. It is backed 1:1 with British Pounds stored on the escrow accounts of TrustToken.
“With TrueUSD, we have built the bridge between the fiat and crypto world, without being tied to any one exchange. Our goal in launching TrueGBP is to fully utilize this bridge to reduce the friction within global financial markets, to seamlessly increase the speed and decrease the cost of transferring value across global borders,” Rafael Cosman, TrustToken Cofounder and Head of Engineering and Product commented.
TrueGBP is based on similar legal and technical infrastructure as TrueUSD, the first product of the company.
Moreover, TrustToken intends to issue several new stablecoins pegged to different fiat currencies within the next months.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.