Isle Of Man Financial News

Backed by investment from Gate Ventures and FunFair Ventures, blackfridge has been established to exploit rising demand for digital asstes in the decentralised economy.The firm is regulated and licensed by the Isle of Man Financial Services Authority, and is required to hold GBP equal to the value of the tokens issued at all times. To ensure further peace of mind for users who may be jumpy at the idea of using a stablecoin following recent travails, KPMG has been engaged to provide a monthly proof of reserve attestations which will confirm that all tokens issued are 100% backed.Nicholas Maybin, COO of poundtoken, says: “Many are aware that the crypto market can be unpredictable, so when trading a stablecoin it’s vital to know that you will always be able to take out what you put in.

A Bitcoin (BTC) experiment on the Isle of Man involving the Lightning Network, 25 schoolchildren, and a promise of a milkshake has yielded interesting results. 

Crypto exchange and web wallet provider CoinCorner has announced the launch of its Bolt Card, a contactless Bitcoin (BTC) card powered by near-field communication (NFC) and the Lightning Network (LN).

The Lightning Network (LN) just got a bit faster, as the suitably named Bolt Card now enables Bitcoin (BTC) enthusiasts to pay for goods and services using contactless technology. 

The watchdog has granted a financial services licence to Blackfridge to undertake payment services and issue electronic money.Blackfridge is now set to launch its stablecoin product, called “poundtoken”, the first e-money instrument constituted as a GBP-pegged stablecoin issued in the British Isles.Lyle Wraxall, cheif executive, Digital Isle of Man, says: "Blackfridge is a cutting-edge business, and we’re pleased to have played a part in their journey as they reach this regulatory milestone ahead of the launch of their stablecoin.