VNX, a leading European platform for tokenised assets, announces the launch of VNX Pound Sterling (VGBP), a new token referencing the British Pound Sterling. VGBP is designed to improve user access to the British Pound Sterling within the DeFi ecosystem, initially launching on Solana.
The British pound is the fourth most actively traded currency in the world, after the dollar, euro, and yen. According to Swift, the pound ranks third in global payments by value, accounting for 6.84% of them, and it also represents about 5% of global foreign exchange reserves, according to the IMF. The important role of the British pound in the global economy made it the next choice for the launch in digital form as a fiat-referencing token by VNX.
The close economic interaction between the UK and the EU underscores the significant volumes of cross-border trade. However, the UK’s exit from the economic union has led to more complicated payments, higher fees, and disputes over these changes.
VNX bridges leading economies and individuals within the Solana ecosystem, simplifying cross-border payments and facilitating seamless currency swaps between VNX British Pound Sterling, VNX Euro and Swiss Franc, earlier launched on Solana blockchain.
Liquidity pools with these tokens, established on several of the largest Solana platforms, including Meteora, Raydium, Jupiter, and Orca, provide users with access to the most stable and in-demand non-USD stablecoins.VCHF, as a token referencing the Swiss Franc and combining the stability of the real-world currency with the advantages of blockchain, has become one of the most popular products from VNX, and with its unique features, VGBP is poised to replicate its success.
Key Benefits of VGBP:
Stability: VGBP offers a stable means of transacting in the British Pound, helping users retain value in a familiar currency.
Reliability: VNX Commodities AG is licensed under the Blockchain Act by the Financial Market Authority of Liechtenstein (FMA).
User-Friendly Transactions: VGBP is designed to simplify transactions between fiat currencies and the digital realm, making asset management and DeFi participation easier.
Future Expansion: VNX is committed to extending VGBP’s availability to additional blockchains, fostering a diverse and inclusive DeFi ecosystem.
The launch of VGBP represents another step towards VNX’s broader plans for deeper integration within the Solana ecosystem.
“We are excited to introduce VGBP as a key addition to our portfolio of fiat-referencing tokens,” said Alexander Tkachenko, CEO of VNX. “Launching VGBP on Solana is a significant milestone in our strategy. This launch not only expands our range of non-USD stablecoins but also enhances the opportunities for users to engage with a fast, scalable blockchain, further solidifying Solana as a cornerstone of our DeFi solutions.”
VGBP is not just launching on Solana; it is entering the ecosystem with ready-made use cases that maximize its value from day one. The token will be listed on Cube Exchange, a platform allowing hybrid trading ,as well as integrated into Swissborg, one of Europe’s premier cryptocurrency wealth management platforms, and supported by liquidity pools on leading Solana DEXs. This strategic positioning ensures VGBP’s immediate availability and liquidity, giving users access to seamless experiences for managing their assets across both decentralised and centralised platforms.
VGBP provides numerous use cases that enhance its value in the evolving digital finance landscape. Users can hold VGBP as a hedge against cryptocurrency volatility, providing a stable asset during market downturns. Additionally, VGBP enables efficient buying and selling of digital assets on centralised (CEXs) and decentralised exchanges (DEXs), facilitating rapid trading.
VGBP also allows users to earn passive income through investment opportunities in both centralised (CeFi) and decentralised (DeFi) finance, including lending, liquidity provision, and staking. Instant transfers across compatible wallets and blockchain protocols improve the user experience in digital transactions.
Explore VGBP and learn how you can start trading on Solana: https://vnx.li/vgbp/
About VNX:
VNX (vnx.io) is a digital platform for tokenizing RWA, licensed by the Liechtenstein Financial Market Authority (FMA). VNX generates tokens referencing most popular European fiat currencies – VNX Euro (VEUR), VNX Swiss Franc (VCHF) and VNX British Pound Sterling (VGBP), that combine the advantages of traditional fiat currencies with the convenience of crypto, enabling quick, low cost and 24/7 accessible cross-border payments and opening vast DeFi opportunities. Notably, VCHF stands out as one of the few Swiss franc referencing tokens available on the market today. VGBP is the unique GBP referencing token on the current market. VNX has also presented the first European gold-backed token – VNX Gold (VNXAU) that represents individual ownership of physical gold. VNX Gold provides the same benefits as an investment in physical gold, such as a store of value, protection against volatility and inflation, and high liquidity – with complete digital convenience and freedom.
VNX serves as a gateway to crypto for investors, offering seamless on/off-ramp options through the VNX platform (https://invest.vnx.li/join), which supports various fiat and cryptocurrencies, including BTC, ETH, USDC, CHF, GBP and EUR. It also facilitates card payments and online banking. VNX is revolutionizing the payment infrastructure for cross-border peer-to-peer transfers and micropayments by integrating with traditional financial institutions and building a robust liquidity layer across different blockchains and decentralized applications (dApps).
VNX publishes independent auditors’ reports that confirm the value of reserves supporting the tokens on a regular basis as well as useful information about tokens in the VNX Transparency section on its official website.
* Term “stablecoin” used herein for marketing purposes. Characteristics of the fiat referencing tokens are described in the FRT Terms and Conditions available at www.vnx.li
