The British public will now be able to buy a native British stablecoin, GBPT, to make purchases with stablecoins via BitcoinPoint, a UK payment platform – without having the stress of making multiple swaps.
18 Jan 2023 – BitcoinPoint, a Bitcoin wallet and ATM cashout platform has listed GBPT ($GBPT), a British-issued and backed stablecoin from poundtoken, onto their platform, which is accessible via 18,000+ nationwide ATM machines. The British public will now have easier access to retail and wholesale payments with the GBP stablecoin.
“It’s time the UK started to realise its potential as a world leader in Crypto. This historic partnership with Bitcoinpoint will hope to bring convenience and accessibility around stablecoins to the next level for the country. We see this as a major step forward in fulfilling poundtoken’s mission to help Britain unlock the revolutionary potential of Blockchain for industry, economy, and daily life.”
– Mike Crosbie, Chief Business Officer – poundtoken
BitcoinPoint is the first FCA-registered crypto-asset firm to offer an ‘ATM cashout facility’, from which users can subsequently withdraw from a local ATM machine. BitcoinPoint users can also swap GBPT into ETH, USDT, USDC, and BTC. The London-based company understands the issue of friction with cryptocurrency and so to assist this UK-wide process it will be using a fee-free open banking model to onramp users to GBPT. All onramp fees will be waived when purchasing GBPT with GBP, which will be in effect for 6 months from 1st February 2023.
As a first for GBPT holders, they will receive a 3% annualised reward on the GBPT they hold in the BitcoinPoint app. This is calculated and distributed on Sunday and will account for the GBPT users held for the last week. The maximum a user can hold for rewards purposes is £10,000 GBPT, whilst the maximum available allocation for BitcoinPoint to pay these rewards is £1,000,000 GBPT. Every GBPT holder will receive this reward directly into their GBPT wallet in BitcoinPoint, and the rewards are calculated from the lowest balance from the week.
“BitcoinPoint’s vision has always been about democratising access to crypto for non-tech savvy people in the UK. Adding a backed GBP stablecoin is something we’ve been looking to do for some time as this will help to accelerate crypto adoption. It’s also fully in line with the government’s consideration to integrate stablecoins with the UK economy”
– Benoit Marzouk, CEO – BitcoinPoint
As part of their mission to make stablecoins accessible to everyone, BitcoinPoint integrating poundtoken’s GBPT stablecoin is a major step forward in normalising stablecoins in the UK for both public and private consumption, wholesale, retail and p2p payments alike.