Cryptocurrency firm TrustToken announced the launch of a new stablecoin this Tuesday.
TrueGBP mirrors the British pound sterling’s price at a ratio 1:1.
Rafael Cosman (a TrustToken cofounder and head of engineering and product), said, “We are thrilled to be launching TrueGBP in order to provide our customers with access to one the most traded currencies worldwide,”
TrustToken launched this stablecoin as the second.
The company launched StableUSD in November last year.
This cryptocurrency mirrors, at a ratio 1:1, the price of US Dollars.
TrueGBP cannot be purchased at this time via TrustToken’s mobile app and a few other firms such as Alameda Research and Bluefire Capital.
TrustToken stated that TrueGBP will soon be trading on exchanges in a Medium blog statement, but didn’t give any specific timelines.
According to the company, it intends to launch more stablecoins in future.
Stablecoins, according to the cryptocurrency company, are key to bringing institutional cryptocurrency investors into cryptocurrency markets.
Cosman stated that “large institutions and everyday users don’t need to know all the details of blockchain technology, they just want to enjoy the benefits.”
“By creating tools that seamlessly integrate fiat-tocrypto transactions into apps and exchanges around world, we are leading solutions to the greatest challenge in blockchain technology: adoption.”