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Digital currency platform Wirex now offers regulated tokenized British Pounds (tGBP) to its 6 million users, facilitating simpler transactions involving the British currency.

Global payment and digital finance pioneer, Wirex, unveils integration of tGBP - a regulated, digitized form of the British Pound Sterling - onto its platform. This development allows over six million users worldwide, spanning 130+ nations, to handle and transact with a fiat-backed digital...

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Bringing Regulated Tokenised British Pound to a Userbase of 6 Million through Wirex Integration
Bringing Regulated Tokenised British Pound to a Userbase of 6 Million through Wirex Integration

Digital currency platform Wirex now offers regulated tokenized British Pounds (tGBP) to its 6 million users, facilitating simpler transactions involving the British currency.

Wirex, a UK-based cryptoasset firm registered with the Financial Conduct Authority (FCA), has integrated a new offering into its platform: tGBP, a regulated, fiat-pegged digital pound. This move aims to bring the trust and compliance of traditional finance to the programmability and accessibility of Web3, offering several benefits and use cases related to digital payments.

Benefits of tGBP on Wirex

As a regulated token pegged 1:1 to GBP, tGBP provides investor protection, legal safeguards, and market stability, giving users added confidence. With tGBP, users can store, purchase, and exchange GBP in a digital, tokenized form alongside other fiat and cryptocurrencies within Wirex's unified app environment.

Utilizing blockchain technology, tGBP enables rapid transactions with enhanced settlement speed, reducing cross-border payment friction typical in traditional finance. Blockchain-based settlement improves transaction traceability and reduces risks associated with counterparty fraud. Since tGBP is fiat-pegged and stable, it provides a reliable medium of exchange and store of value without the volatility common in cryptocurrencies, ideal for day-to-day payments.

Use cases of tGBP in Wirex

tGBP offers several practical use cases within the Wirex platform. Users can spend GBP digitally in Web3 and real-world settings with Visa-backed capabilities, enabling direct use of tGBP for purchases and payments seamlessly. tGBP facilitates near-instant, cost-effective international transfers, benefiting from stablecoin advantages and blockchain efficiencies.

Integrated within Wirex, tGBP supports user portfolios that combine fiat, tokenized fiat, and cryptocurrencies, simplifying wealth management and currency exchanges in a single platform. With Wirex's strategic partnerships, tGBP aids in mainstream adoption of digital pounds in global payments systems.

Partnership and Expansion

Benoit Marzouk, CEO of Tokenised GBP, expressed excitement about partnering with Wirex to make tGBP accessible worldwide. The partnership reinforces Wirex's vision to build regulated, real-world-ready infrastructure for digital money.

Later this year, tGBP will be natively supported on WirexPayChain, Wirex's proprietary zk-powered Layer 2 blockchain. Wirex Pay's non-custodial business infrastructure includes stablecoin-backed current accounts, corporate banking services, and Web3 BaaS offerings.

The integration allows over six million users in 130+ countries to access and transact with tGBP. WirexPayChain expansion introduces new rails for compliant, programmable GBP on-chain. Furthermore, Wirex now supports native minting and redemption of tGBP for instant and transparent conversions between GBP and its tokenised counterpart.

Tokenised GBP and Wirex are exploring the launch of a fully branded card programme, with the card programme enabling consumers and businesses worldwide to use tGBP-linked cards powered by Wirex Pay's infrastructure.

In summary, tGBP enriches the Wirex platform by offering a regulated, stable digital pound that enhances user security and convenience while enabling fast, transparent fiat-based digital payments and cross-border transactions across a wide user base of 6 million customers worldwide. tGBP is available via TokenisedGBP.com.

  1. Combining technology and compliance, Wirex, a UK-based finance firm registered with the Financial Conduct Authority (FCA), has integrated the regulated digital pound (tGBP) into its platform, aiming to bridge the gap between traditional finance and the programmability of Web3.
  2. By utilizing blockchain technology, the tGBP offering on Wirex enables rapid transactions with enhanced settlement speed, providing a reliable medium of exchange and store of value without the volatility common in cryptocurrencies, ideal for day-to-day payments.

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