TrustToken launches GBP-pegged stablecoin

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.

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