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.
Latest Crypto News & Analysis
Editors’ Picks
VET ready for a rebound after bloody correction
VeChain price witnessed a brutal 45% sell-off that kicked off on February 12. Although VET crashed as low as $0.033, market participants are aggressively buying the dips.
EDLG eyes lower lows as bearish pressure mounts
Elrond price broke down from a descending triangle as it sliced through the $126 support barrier. If sellers continue to pile up, then the reversal pattern forecasts a downswing to $74. Declining developer activity adds credence to EGLD’s bearish outlook.
ALGO plummets enormously despite newly launched public chain
The cryptocurrency market is in bloodshed on Tuesday during the European session. Algorand has not been spared from the battering, which has led to massive losses.
LTC breakdown is just getting started, targets $150
Litecoin recently abandoned the journey to all-time highs following a barrier slightly under $250. The correction has proved difficult to stop, with Litecoin losing various tentative support levels like $220 and $200.
Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected
This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.