Thousands of crypto ATMs in the United Kingdom now allow customers to withdraw cash for GBPT, a stablecoin backed by British pound
BitcoinPoint, a licensed Lightning Network-enabled cryptocurrency exchange, has partnered with Poundtoken – the sole issuer of British Pound Tether (GBPT) stablecoin. The token is now available as a withdrawing option at over 18,000 ATMs nationwide.
The cooperation brings the UK one step closer to becoming a “crypto hub” along with the government’s push to use stablecoins for wholesale settlements.
Cryptocurrencies including Bitcoin and Ether have already been available in crypto ATMs across the country. The addition of GBPT to the BitcoinPoint offering gives users access to retail and wholesale payments. Additionally, the pound stablecoin, backed by a currency familiar to Brits, will supposedly simplify and popularise the use of crypto.
Poundtoken states the stablecoin is fully backed with the pound reserves, with monthly audits provided by KPMG. Although there are many USD-backed stablecoins, the firm aimed to create a UK-based alternative.
Although the UK government has been vocal about supporting “digital settlement assets,” and developing the national CBDC, retail customers have been slow to adopt the trend. For instance, the rate of cashing out via an ATM using BitcoinPoint remains low — less than 5%.
Therefore, a stablecoin backed by national fiat currency could make it easier to conduct everyday transactions, leading to the normalization of crypto in the British economy.