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The poundtoken is a blockchain-based stablecoin pegged to the British pound sterling (GBP). With the rising interest in stablecoins, the poundtoken presents the perfect solution for UK-based crypto enthusiasts. As one of the first regulated GBP-based stablecoins, the poundtoken has an impressive and transparent means of ensuring that it is appropriately backed. 

What is poundtoken (GBPT)?

As mentioned above, the poundtoken is a stablecoin pegged to the British pound sterling (GBP), meaning that the poundtoken price will always be equivalent to that of ￡1. The coin is issued by Blackfridge SC Limited, a fintech platform licensed and regulated by the Isle of Man Financial Services Authority. GBPT is the first regulated stablecoin in the British Isles.

Stablecoins are required to hold reserves for each coin in circulation, and poundtoken is no exception. Blackfridge, based in the Isle of Man, holds 100% fiat reserves in segregated accounts in a European bank, and undergoes monthly proof of reserve attestations and annual financial audits by KPMG. 

With 2.45 million tokens as the maximum supply, poundtoken is an excellent option when looking for a GBP-backed stablecoin as it allows for direct GBP access to digital asset exchanges and DeFi (decentralised finance) protocols, while also ensuring frictionless real-time settlements.

Who created poundtoken?

Poundtoken was created by Alan Sun, Michael Crosbie and Nicholas Maybin as a solution to price volatility in the cryptocurrency space. Launched on July 11, 2022, the British Isles regulated GBPT was designed to merge the benefits of blockchain technology and smart contracts with the strengths of a regulated financial product. 

Through its fully vetted audit system, the stablecoin ensures that investors are always in the know regarding its backing and can rest assured knowing that the stablecoin is backed appropriately. This comes as a breath of fresh air when compared to other failed stablecoin projects that have recently collapsed and tainted the crypto image for investors and law enforcement agencies alike.

How does poundtoken work?

For every GBPT released into circulation, ￡1 is held in safeguarded segregated accounts held in a European bank. These funds undergo monthly proof of reserve attestations as well as annual financial audits, both conducted by KPMG.

Poundtoken.io is built on the Ethereum network, while GBPT utilizes the ERC-20 token standard. The stablecoin then uses smart contracts to facilitate the purchase, storage, transaction and transparent collateralisation of the stablecoin.

How does poundtoken comply with strict British financial regulations?

As the first British-regulated stablecoin, poundtoken has attracted much attention from investors in the digital asset markets for its strict auditing process, entirely transparent to the public. Since complying with the rigorous British financial regulation requirements, holders can rest assured knowing that they can redeem their stablecoin for GBP at any given time.

Isle of Man Financial Services Authority

The issuing company, Blackfridge is fully regulated and licensed by the IOMFSA. Through this licensing, Blackfridge is required to hold GBP equal to the value of the tokens issued at all times.

How Can I Buy GBPT?

Users looking to accumulate GBPT can do so conveniently from their Tap account. Simply register an account, and you'll be able to onboard several crypto and fiat currencies. From there you can buy, trade or sell at excellent rates as well as store the currencies in a secure location. 

Tap allows users to deposit several currencies, for example, Bitcoin or USD, and trade them for alternative cryptocurrencies. Through the secure platform and integrated technology, users are able to seamlessly conduct crypto trading at the best market prices available.

With growing pressure to "have it all figured out" consider that since the start of their careers, millennials have seen slower economic growth than any other generation in the United States' history. Living through two recessions wreaks havoc on not only one's career path but finance success too. 

Below we've listed the 5 golden financial tips that every millennial should know when it comes to managing their personal finance. From things you can do now to planning for the future, these simple and actionable steps will assist in making your financial situation that much more of a financial success. 

1. Be prepared for hard times: emergency fund edition

While none of us enjoy emergencies, they are an unfortunate and inescapable part of reality. The best way to deal with them is by being prepared, and this means putting in the work ahead of time. By having a plan in place, you can minimize the stress and damage that these situations cause.

While rule number 1 of financial health is getting yourself out of debt, rule number two is creating an emergency fund. This is considered to be six months' worth of living expenses saved in a savings account so should something go wrong - from unemployment to medical bills to car or household repairs - this doesn't take a negative toll on your personal finance. 

While this is not something one can typically create overnight, consider your budget and how much you can allocate to your emergency fund each month. Then start putting the money aside, even if it takes you a year or two to get there. 

Consider if something went wrong and you needed access to cash fast, would you instead use the money from your emergency fund, or take out high-interest debt in the form of a credit card or personal loan? Note that taking funds from your retirement savings was not an option, and nor should it ever be.

In your path to financial success, always have a plan to fall back on. 

2. Living large is fun, but can your personal finance really afford it? 

Before making big money decisions, you must ask yourself difficult questions.

Before you upgrade your car, consider whether you can really afford it. Aside from the car, there is also insurance and gas and services, can your budget afford to take these on? 

Or when moving apartments, is the upgrade totally necessary, and can your budget handle it? As millennials, we love to live the high life, but just make sure that your budget isn't taking strain and that everything you buy is well within your means. 

3. It's ok to say no sometimes (and avoid credit card debt)

Celebrating with friends and family is a big part of life, but you don't have to say yes to everything, especially if these celebrations are taking a toll on your personal finances. 

When planned ahead of time, one can usually budget for these, but last-minute surprise events come with added pressure. Also, consider that all these functions and events add up, don't get caught off guard "living in the moment" only for your finances (and financial goals) to suffer later. 

Create a budget that outlines exactly what your financial obligations are to establish what you can spend on entertainment and socializing each month. Then, and most importantly, stick to it. If a last-minute event falls outside of this budget, you're well within your means to politely decline. 

Having fun with friends and family is special, but taking a financial knock will only hurt you in the long run. Prioritize your social calendar and don't live beyond your means. 

4. Watch out for direct debits (except to your savings account)

Living in the digital age we find ourselves in now is designed to be stress-free and seamless. Companies are making payments effortless through automatic payments, aka direct debits, but are you entirely aware of all the payments going off your checking account each month? It's very easy to lose track of your expenses when they're all automated. 

When building your budget make sure you go through old statements to make sure that no direct debits are going off your account for services that you no longer use. Ideally, do this quarterly to ensure that you're always on top of your expenses. 

The most NB direct debits should be to your emergency fund, savings account, and any investments (including your retirement fund). These are not considered expenses but are deposits into your future. 

5. Don't be fooled into thinking that retirement is light years away

Your retirement is closer than you think, don't get caught out. Many millennials have seen their parents and grandparents struggle with no retirement planning, break the cycle and make sure that you are prepared with a plan and a solid retirement account.

Don't wait until you're old, start preparing now and reap the rewards when you finally get there. A great way to prepare is to start putting money into long-term investments with compounded interest. These types of accounts ensure that your money works for you. Also, look to passive income options to help you build your retirement account.

Alleviate some of the grey hairs by getting your financial planning started today.

Closing thoughts on achieving financial success

While the economic cycles haven't been good to us, we are resilient and strong and will rise above it. Consider these 5 golden financial tips and build a financial strategy to ensure that you're covered for everything from an emergency to retirement. The first steps to taking the reigns of your personal finance are to write out a monthly budget, allocate funds as necessary, and then stick to your spending frameworks.

If in doubt, contact a financial advisor who can assist with furthering your financial education and provide more in-depth money tips.

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In the age of neobanking, it seems counter-intuitive to be locked into a long-term relationship with an establishment that hasn’t changed in 300 years. With outdated processes and tedious hoops to jump through, it’s high time you said goodbye to the traditional financial institution and treated your finances with the love and respect they deserve.

From an outdated bank to an even more outdated credit union, you don't need to settle for financial institutions that make the rules and take your money. It's 2022, you have options. And we know, the process to switch from your current bank is tedious, but with the technological advancements of today, that's a thing of the past.

You deserve better from your financial institution

Knowing you deserve better is the first step toward claiming back your power. It’s time to say goodbye to high, complicated fee structures and hello to transparency, minimal fees, and knowing exactly where your money goes. 

As the world rapidly transitions into a more digital space, why keep the management of your finances stuck in the dark age? Fintechs are making big strides in providing the masses with new-age financial services with faster processing times and more transparent fees. Your financial livelihood deserves better.

Neobanking vs traditional banks

Let’s take a moment to define neobanking. Neo comes from the Greek word “new”, literally meaning “new bank”. These financial technology companies (fintechs) offer users access to financial services through online digital platforms, an online bank of sorts. While not all fintechs are created equal, the majority require special licensing and provide something similar to a checking account with web and mobile services.

A traditional financial institution refers to the age-old establishment that in all likelihood is the same bank that our grandparents used in their days. Innovation in the traditional bank sector has been stagnant over the last several decades, and little has changed in these money-making corporations. They also tend to have deep political, financial, and social roots in their countries of operation. Not to mention poor customer service.

• Neobanking companies are largely like a digital online baking providers, whereas traditional banks have a physical presence alongside online banking services.
• Fintechs offer standard services such as checking and savings accounts, money transfer and payment services, low to no overdraft fees and some financial education tools (budgeting tools, etc). On the other hand, traditional credit unions present a much wider selection of options like lines of credit, financial advisors, credit cards, etc.
• While all traditional banks are fully licensed and chartered, many fintechs do own different as significant licenses such as EMI licenses. In some cases, in order to insure their products, neobanks do choose to partner with a primary bank.
• Many banks focus more on developing strong, lasting relationships while neobanks typically provide more flexible accounts than just a simple bank account, which require less paperwork and can be used worldwide.
• Online banks tend to overwhelm clients with a variety of complicated fees while neobanks charge much lower fees for their services, including for most : no monthly maintenance fee.
• While banks provide you with a face to face agent, fintechs do not, however they still provide quality customer service representatives ready to help you online with anything you might need. In short both boast different yet great excellent customer service.

Fintech do provides a new-age approach with fewer fees and more transparency, but with all, if not most, of the bells and whistles that your current banking platform provides. 

It's no secret that trading any financial market is hard work. Traders need to keep calm, level-headed, and observant at all times while staying on top of the market's ever-changing movements.

While making mistakes is part of the game, we've outlined 5 of the biggest common mistakes you can avoid while you navigate the often turbulent waters of any trading system and technical analysis.

What is technical analysis?

Technical analysis (TA) is one of the most popular methods for analyzing financial markets. At its core, it uses previous price action and volume data to predict future market behavior by identifying trends and favorable trading opportunities.

It can be applied to the chart patterns of any kind of market, including stocks, forex, commodities, and cryptocurrencies. While the basics are not too difficult to understand it takes a lot of practice to become an expert technical analyst.

This form of analysis typically looks at historical price action, while fundamental analysis (FA) looks at multiple factors affecting the price of an asset.

5 common mistakes made when it comes to using technical analysis

1. Know when to cut your losses

No matter how big or small, always prioritize protecting your investment. In the world of trading and investing, this is non-negotiable if you want to see any returns. A great way to approach trading is to start out with the following mindset: you're not here to win, you're here not to lose.

Start with small positions, set up a stop-loss, and know when to cut your losses.

2. Don't ignore extreme market conditions

While the markets are typically governed by supply and demand, there are cases where extreme conditions like black swan events can throw your carefully curated technical analysis to the curb. Sometimes emotion and mass psychology can cause periods of extreme market conditions, and you will need to adjust your trading strategy accordingly.

If you make decisions based solely on readings from technical tools, you run the risk of losing money, especially during black swan events when it can be tough to understand what's happening. Keep in mind that market conditions can change rapidly and without warning, so it's always important to consider other factors before making any decisions and risking real funds.

3. Avoid revenge trading

Revenge trading is a term used to describe when a trader tries to immediately recover a significant loss through making alternative trades. Infringing the golden rule of not making trades based off emotions, revenge trading is a no-no.

Harness your inner zen and attempt to stay calm through both big and small mishaps. Sticking to your trading plan will be the best thing you can do, and make adjustments as need be based off of logical thinking and an analytical approach.

Immediate trading after a severe loss often leads to more losses. Therefore, some traders take a break from trading altogether for a while after they lose big. By taking this breather, they can come back with fresh mindsets and restart their trading journey.

4. Remind yourself (constantly) that TA is a game of probabilities

Technical analysis is all about probabilities and not absolutes. This means that no matter what technical approach you’re using, there’s never a 100% guarantee that the market will behave as you expect. Even if your analysis suggests that there’s a very high probability of the market moving up or down, it's still not set in stone.

As you're getting your trading strategies together, there's one aspect you always need to keep in mind: don't think the market will go how your analysis predicts. This is a mistake even experienced traders make, and it leads to bad decisions like betting too much money on one outcome instead of spreading it out. That puts you at risk of losing a lot financially if things don't go your way.

5. Don't blindly follow anyone's trading strategies

A great way to learn how to trade the financial markets is by observing experienced technical analysts and traders. However, in order to master your own skills you will need to establish what your own strengths are and how to leverage them.

Observing other traders doesn't present a fool-proof trading strategy as something that works for one trader might not work for another. With countless ways to make money off of the markets, find your own trading style that is best suited to you.

Initially, you might get lucky by making trades based off of another person's opinion. However, if you continue down this road without comprehending why they made that choice, it will only lead to detrimental consequences in the future.

Learning from others is key, but it is more important that you think for yourself and agree with the trade before moving forward. Do not let anyone else make decisions for you blindly, no matter their experience level.

In conclusion

While trading isn't easy and there is certainly no quick fix to success, the above are some helpful starting points to consider when entering the world of technical analysis.

Remember that it takes practice, and while approaching trading with a longer-term mindset is a great way to start, ideally, you want to build habits that allow you to be in control of your trading decisions and avoid common mistakes.

Constantly manage your risks and learn from your mistakes when you make them in order to capitalize on your strengths and improve. This advice serves both professional traders and newbies.

One of the largest and oldest dapps in the DeFi (decentralized finance) space, Compound Finance has built a reliable reputation among traders looking for lending and borrowing services. Compound operates using its native ERC-20 COMP tokens which provide community governance as well as other services.

What is the Compound protocol (COMP)?

Built on the Ethereum blockchain, the Compound protocol provides liquid money markets offering services such as lending and borrowing. Supporting a number of crypto assets, the Compound protocol allows users to deposit crypto into lending pools providing capital for borrowers on the network and allowing them to earn interest in return.

After depositing funds into the lending pool, lenders are issued "cTokens" (cETH, cDAI, cBAT) which represent the deposit made. These tokens can then be traded or transferred within the platform, or redeemed for the original cryptocurrency deposited. This process is conducted by smart contracts and operates entirely automatically with interest rates algorithmically assigned based on the activity in its liquidity pools. 

The Compound protocol also uses the ERC-20 native COMP token which is distributed to traders that utilize the Compound market, i.e. borrowing, withdrawing or repaying the asset. COMP tokens are distributed each time an Ethereum block is mined proportional to the interest collected from each asset. The COMP cryptocurrency grants COMP token holders governance and voting rights.

Following notable investments from the likes of consulting firm Bain Capital Ventures, Andreessen Horowitz, and Polychain, the platform has grown and established a strong reputation within the decentralized finance space and the greater crypto world.

The history of Compound and who created it

Compound was founded in 2017 by Robert Leshner and Geoffrey Hayes, who both previously held high-profile jobs at PostMates, an online food delivery service. Leshner holds the CEO position while Hayes remains the CTO at Compound Labs, Inc, the software development firm behind the Compound protocol. Compound Labs is an open-source software development firm creating cutting-edge tools, products, and services for the innovative DeFi ecosystem.

In 2018, the platform raised $8.2 million from notable venture capital firms Bain Capital Ventures and Andreessen Horowitz. A year later, Compound raised an additional $25 million from many of the same investors along with new ones including Paradigm Capital.

How does Compound work?

The Compound protocol leverages the power of Ethereum smart contracts and cryptocurrency incentives to benefit lenders and borrowers. Lend and borrow services make up the two main use cases for the platform, as outlined below.

Interest rates on Compound are dynamically managed based on the supply and demand of particular crypto assets within the coin pools. The higher the liquidity, the lower the interest rate. Prices are determined by using the Open Price Feed based on Chainlink's oracles which collect the data from numerous exchanges.

In order to use the Compound DeFi protocol to engage in lending or borrowing services, you will need to connect one of the supported crypto wallets. Currently, the app supports MetaMask, Ledger, WalletConnect, and Tally Ho. The interface has been designed to be user-friendly and easy to navigate, perfect for traders new to the space as well as seasoned DeFi participants.

Lending/supplying

The process of lending on the Compound platform is called supplying. Lenders are able to earn interest on their cryptocurrency by depositing cryptocurrencies into the Compound platform. Borrowers are also required to deposit digital assets into the protocol, which can earn interest but cannot be withdrawn for the duration of the borrowing period.

The platform currently supports roughly 20 crypto assets, from Basic Attention Token (BAT) to Wrapped Bitcoin (WBTC), with Ethereum (ETH) and a number of stablecoins (DAI, USDC, and USDT) being the most actively used.

Once users lend assets to the platform, they are issued with ERC-20-based cTokens corresponding to the cryptocurrency deposited (i.e. cETH, cDAI, etc.). These tokens confirm the liquidity providers' deposits and offer a number of other incentives.

Borrowing

After depositing a particular cryptocurrency into the decentralized finance protocol, users are assigned a "borrowing capacity". This is a limit set in USD based on the rate of the crypto asset which is determined by the Open Price Feed. When depositing multiple cryptocurrencies, the borrowing capacity will factor this in.

Users can also borrow cryptocurrencies supported by the protocol based on a coin's collateral ratio. For instance, if DAI has a collateral ratio of 70%, users can borrow DAI up to 70% of the total amount deposited. Typically, collateral ratios are between 60% and 85%.

Similar to the lending process, when borrowing cryptocurrency borrowers are issued cTokens. So when borrowing DAI for instance, borrowers will be issued cDAI tokens, with the interest payable based on these tokens as well.

Withdrawing

After paying back the borrowed debt, users can redeem their deposited funds. Without having to deal with other traders, the protocol seamlessly utilizes a dynamically maintained set of liquidity pools. The platform also does not charge any withdrawal penalties or hold users to minimum investment times.

When users redeem their funds, the cTokens issued are added to the accumulated interest and converted back to the originally deposited cryptocurrency. These funds can then be withdrawn into the connected wallet.

Account Health

The Compound platform uses a system called "account health" to establish whether accounts are in risk of liquidation. This system measures the sum of the deposited funds against the total amount borrowed. If a user's account health falls dangerously low, the account could be liquidated, and some of the collateral forfeited.

This process is managed in a decentralized way where platform users act as liquidators and monitor for risky accounts. Should they liquidate an account they earn a portion of the liquidated funds.

What is the COMP token?

The COMP token is the Compound platform's native token which mainly serves as a governance token, with a built-in incentive for users holding the token. Holders of COMP tokens are able to vote on all important decisions pertaining to the protocol, including interest rates. Much like the cTokens, COMP tokens are based on Ethereum’s ERC-20 token standard. 

Compound tokens have a total supply of 10,000,000 tokens, of which over 70% of Compound coins are in circulation (at the time of writing).

How can I buy COMP tokens?

With Tap's mobile app, users can easily acquire COMP tokens and store them in the integrated wallet with confidence, either to hold long-term, sell, trade or use on other DeFi platforms. Not only does Tap provide an effortless way of trading digital assets, but also a safe space to keep your investments secure over long periods of time.

In order to access the mobile app users will need to download the app and create an account. After a quick verification process, users have access to a wide range of vetted cryptocurrencies as well as fiat wallets where funds can be safely stored or used in the real world. Whether you're looking to buy Compound or sell Compound coins, Tap provides a seamless solution to your crypto needs.

We are delighted to announce the listing and support of Compound (COMP) on Tap!

COMP is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold COMP for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting COMP will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Built on the Ethereum blockchain, the Compound protocol provides liquid money markets offering services such as lending and borrowing. Supporting a number of crypto assets, the Compound protocol allows users to deposit crypto into lending pools providing capital for borrowers on the network and allowing them to earn interest in return.

The COMP token is the Compound platform's native token which mainly serves as a governance token, with a built-in incentive for users holding the token. Holders of COMP tokens are able to vote on all important decisions pertaining to the protocol, including interest rates. Much like the cTokens, COMP tokens are based on Ethereum’s ERC-20 token standard.

Get to know more about Compound (COMP) in our dedicated article here.