- The black fridge launched its first Stablecoin on Monday 11th July.
- The black fridge named its Stablecoin as a “poundtoken.”
- The black fridge is headquartered in Douglas.
Blackfridge is based in Douglas, and its current and working CEO is Alan Sun the company consists of 20-50 employees. Black fridge launched its first Stablecoin.
Blackfridge is a multinational company establishing itself in the blockchain technology sector and promoting its use cases. Blackfridge has launched its first Stablecoins backed by Great UK Pounds and Named “poundtokens.” The company will issue proof of reserve every month.
GBPT(The Great British Pound) was first launched on Ethereum Blockchain and then afterwards it was launched on many other Blockchains.
What are Stablecoins And its working principle?
The word “Stable” means Constant, and the same applies to the Stablecoins because they are non-volatile and remain constant in the 1 to 1. The first stable coin was issued in 2014. It is a form of cryptocurrency which depends on a more stable asset as a basis for its value.
These Stablecoins do not fluctuate like bitcoins or any other currency. There are currently more than 50 Plus Stablecoins operating all over the globe, and Stablecoins work on the mechanism of blockchain.
These Stablecoins are primarily used for crypto trading and could also be used to purchase goods and products. Most stablecoins are controlled by a central entity. Stablecoins are known as the most secure and transparent version of fiat currency.
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Black fridge has launched its first stablecoins 100% backed by the great British Pound, and it is also believed that it is the first-ever Stablecoin backed by a pound. Launching a Stablecoin backed by the Pound will likely increase the centre of attraction. It is also believed that the craze of cryptocurrency will increase in the upcoming time.
Source: https://www.thecoinrepublic.com/2022/07/12/black-fridge-launched-first-stablecoin-backed-british-pound/