Poundtoken, a British-regulated issuer of the GBPT stablecoin, & BitcoinPoint have launched (1) a strategic agreement to assist consumers in the United Kingdom in gaining access to a British Pound-backed stablecoin through a network of 18,000 automated teller machines.
This step is being made to facilitate access to a regulated, pound-backed stablecoin for crypto users in the United Kingdom, whether they are beginners or professionals.
Additionally, the United States dollar-backed stablecoins USDC and Tether have a significant market share in the United Kingdom market (USDT).
Users of crypto assets in the United Kingdom no longer require a bank account thanks to cooperation between Poundtoken and BitcoinPoint. This is because the GBPT is backed 1:1 to the fiat money.
"We are seeing Bitcoin users want to opt out of the financial system and become Bitcoin exclusively. People who do not wish to have a savings account and who, as a result, choose to utilize GBPT are another possibility.
According to Benoit Marzouk, CEO of BitcoinPoint, "When they want cash, they can simply take the off-ramp into GBPT to obtain cash."
Notably, BitcoinPoint is an exchange for Bitcoin and other crypto currencies equipped with Lightning Network and licensed and monitored by the Financial Conduct Authority in the United Kingdom.
Because of this, consumers in the United Kingdom who use crypto currencies will benefit from the cooperation with Poundtoken by being able to trade digital assets seamlessly and without the need to off-ramp using fiat currency.
According to the release, the collaboration would also make it possible to trade Bitcoin and Ethereum for cash. In addition, BitcoinPoint is a crypto currency exchange that provides high liquidity for the exchanged assets.
"To Bringing blockchain tech and crypto currencies to the UK and making it easier to integrate them into the country's economy are two of GBPT's primary goals." Marzouk said, "the moment has come for the United Kingdom to begin to achieve its capacity as a global leader in crypto."
Crypto Outlook of the United Kingdom
Rishi Sunak, the PM of the United Kingdom, has been an outspoken and significant supporter of blockchain technology and crypto currency-based assets.
In addition, Sunak served as the finance minister under the previous administration of Boris Johnson and was an advocate for the introduction of the digital pound.
At the same time as the central bank of the United Kingdom is doing research and development on an extensible CBDC, financial firms are planning to construct infrastructure for stablecoins backed by the pound.
Blackfridge SC Limited is responsible for issuing the Poundtoken GBPT, which is then controlled by the Isle of Man Financial Services Authority (IOM FSA). Poundtoken maintains one hundred percent of its fiat reserves in separate secured banks with a European bank. These accounts are audited regularly by KPMG.
Poundtoken (GBPT), a stablecoin, has a market capitalization of roughly $4,265,219 and a 24-hour trading volume of approximately $15,728, according to market statistics given by Coinmarketcap.