By
Chimamanda U. Martha
May 13th, 2024
This partnership will help UK crypto customers trade digital assets seamlessly without the need to off-ramp using fiat currencies.
Poundtoken, a British-regulated issuer of GBPT stablecoin, and BitcoinPoint have announced a strategic partnership to help United Kingdom users access a British Pound-backed stablecoin via a network of 18,000 ATMs. The move is geared towards helping both novice and professional crypto users in the UK access a regulated Pound-backed stablecoin. Moreover, the UK market is heavily dominated by United States dollar-backed stablecoins including USDC and Tether (USDT).
Through the partnership between Poundtoken and BitcoinPoint, crypto asset users in the United Kingdom do not need a bank account since the GBPT is backed 1:1 to the fiat currencies.
“We see Bitcoiners opting out from the banking system and becoming Bitcoin only. You could also have people who don’t want to have a bank account and could therefore use GBPT. So, when they need cash, they can off-ramp into GBPT to get cash,” Benoit Marzouk, CEO of BitcoinPoint, noted.
Notably, BitcoinPoint is a Lightning Network-enabled Bitcoin and cryptocurrency exchange, licensed and registered with the FCA in the United Kingdom. As a result, the partnership with Poundtoken will help UK crypto customers trade digital assets seamlessly without the need to off-ramp using fiat currencies.
A partnership between @Poundtoken and @BitcoinPoint_ will make the country’s first 100%-backed British pound stablecoin, GBPT, accessible to retail consumers via a network of 18,000 ATMs across the United Kingdom 👉 https://t.co/upylYmqarF
…#UK #Stablecoin #GBPT #DigitalPound pic.twitter.com/DKsjT8tPNQ— Digital Pound Foundation (@digitalpoundfdn) January 31, 2023
According to the announcement, the partnership will also enable the swap for cash on Bitcoin and Ethereum. Furthermore, BitcoinPoint is a crypto exchange with deep liquidity for assets traded.
“The purpose of GBPT is really to bring the blockchain and crypto to the UK and make it easier for adoption in the UK. […] It’s time the UK started to realize its potential as a world leader in crypto,” Marzouk added.
Closer Look at Poundtoken and Market Outlook
The United Kingdom’s prime minister Rishi Sunak has been vocal and a huge advocate of crypto assets and blockchain technology. Furthermore, Sunak was a finance minister during the former regime of Boris Johnson and advocated for the digital pound. As the UK central bank researches and develops an interoperable CBDC, financial institutions are set to build infrastructure for pound-backed stablecoins.
The Poundtoken GBPT is issued by Blackfridge SC Limited and regulated by the Isle of Man Financial Services Authority (IOM FSA). With monthly audits by KPMG, Poundtoken holds 100 percent fiat reserves in safeguarded segregated accounts with a European bank.
According to market data provided by Binance-backed Coinmarketcap, Poundtoken (GBPT), stablecoin has a market capitalization of approximately $4,265,219 and a 24-hour trading volume of about $15,728.