Cryptocurrency firm TrustToken announced the launch of a new stablecoin this Tuesday.
TrueGBP mirrors, at a ratio of 1:1, the price of the British pound sterling.
“We are excited to be launching TrueGBP to provide our users with access to one of the most traded currencies in the world,” said Rafael Cosman, a TrustToken co-founder and the company’s head of engineering and product.
This is the second stablecoin that TrustToken has launched.
In November of last year, the company launched StableUSD.
As the name suggests, this cryptocurrency mirrors – also at a ratio of 1:1 – the price of US dollars.
For now, TrueGBP can only be purchased via TrustToken’s mobile application and a number of firms, including Alameda Research, Bluefire Capital, Galois Capital, and QCP Capital, which operate over-the-counter trading desks.
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Today we are launching #TrueGBP, a stablecoin backed by British Pounds! We’re on a mission to open access to financial opportunities for all – watch the video with TrustToken Co-founder @RafaelCosman below and visit https://t.co/kN1hl1PKyg to purchase and redeem TrueGBP (TGBP). pic.twitter.com/hbLa5im8x7
— TrustToken (@TrustToken) April 2, 2019
In a statement issued on its Medium blog, TrustToken said that it expects TrueGBP to start trading on exchanges “soon” but did not provide any precise timelines.
The company says that it plans on launching more stablecoins in the future.
According to the cryptocurrency firm, stablecoins are a key means by which to bring institutional cryptocurrency investors into the cryptocurrency markets.
“Everyday users and large institutions do not need to know the inner workings of the blockchain, they just want to be able to easily experience the benefits,” said Cosman.
“By building the tools that invisibly integrate fiat-to-crypto transactions into applications and exchanges around the world, we are spearheading solutions for the single greatest challenge in the blockchain world: adoption.”