BCP Technologies, a cryptocurrency company registered in the United Kingdom, launched a new British books step following a 14-month exam in the regulatory sand of the Authority Conduct (FCA).
The company revealed the deployment of its stable tokenized GBP (TGBP) in a shared ad with Cointtelegraph on June 3.
The TGBP is now live on the cryptographic trading platform operated by BCB Technologies, the BCP markets, and is available for customers who pass through your customer checks, with major exchanges that should list the TGBP in the coming weeks.
“There are two major exchanges with which we finalize the details. We hope to be able to announce them in the following weeks,” said Benoit Marzouk, CEO of BCP Technologies.
“Proof of live concept for the future FCA regulations to the FCA”
The launch of the TGBP occurs a few days after the launch of the FCA a public consultation on the new rules proposed for the transmitters of Stablecoin and the suppliers of police custody on May 28.
According to Marzouk, BCP Technologies is in a unique situation where the TGBP could be considered “proof of live concept for the future FCA FCA regulations”.
“BCP works in close collaboration with the FCA and will participate in the FCA round table on July 4 on the recently published consultation document,” said CEO.
1: 1 Stablecoin emitted on Ethereum
The TGBP is fully sustained with money held in a separate bank account, each token struck representing 1 British book. The Stablecoin is launched as an ERC-20 token, which means that it is initially issued on the Ethereum blockchain.
“BCP offers in the future to support the TGBP with short -term British state obligations, in accordance with the FCA discussion document,” Marzouk told Cointelegraph.
Acting as a issuer, BCP Technologies is a provider of cryptographic asset services recorded by the FCA since 2021, formerly known as BitcoinPoint, according to official FCA files.
“Historically, it was a” bitcoinpoint “platform to democratize access to bitcoin, where anyone could easily buy bitcoin,” said Marzouk, adding:
“When the regulations arrived in 2020, BCP had to stop species and rotate a more standard application” Buy online “. BCP was the first Crypto company to implement open banking services; You can buy Bitcoin by connecting your bank account instantly. ”
Multiple use cases
During the launch, TGBP targets a wide range of use cases, in particular self-care for retail and companies as an alternative to banks, cross-border payments, management of institutional guarantees and decentralized financial loans.
The new stablecoin should also be used as main book rail to settle tokenized assets such as obligations, titles or real estate, said Marzouk.
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“The stablecoins allow open, instant and friction transfers, without volatility. Our vision consists in abstraction of the complexity of the blockchain with the familiarity of a name of GBP, ultimately replacing the GBP E-Money with our stablecoin GBP,” said the CEO in the announcement.
Limited availability of Stablescoins Book
The launch of BCP enters a market with limited competition.
According to Coingecko data, there are only two stables of book followed at the time of writing this document, including VNX British Pound (VGBP) and Celo British Pound (CGBP), with a market capitalization combined with less than $ 500,000.
Other Stablecoin Pound projects include the stablecoin “Poundtoken” (GBPT) launched by BlackFridge in 2022 and a book stable (GBPA) developed by the member of the Digital Foundation Pound Agant.
TETHER, transmitter of the largest stablecoin USDT (USDT) in the world, tried to launch a book of books in 2022, but it did not obtain significant adoption on the market.
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