As part of efforts towards making the U.K. become a ‘crypto hub,’ a partnership deal has been struck between BitcoinPoint and Poundtoken; the deal is meant to ensure the country’s stablecoin ($GBPT) becomes accessible in about 18,000 ATMs across the country.
The U.K. has more access to crypto
According to Poundtoken, the GBPT stablecoin is fully backed by a fiat pound sterling with allowance for monthly review by KPMG. At the same time, its partner BitcoinPoint will leverage its lightning Network to provide all support and correspondence with cryptocurrencies.
The Poundtoken, a U.K. licensed exchange, will ensure that the GBPT stablecoin becomes accessible to users wanting to facilitate retail and wholesale payment process; it will also be compatible for swaps with tokens like bitcoin and ethereum at the ATMs and on the exchange.
BitcoinPoint CEO Benoit Marzouk said he firmly believes U.K. citizens with basic tech knowledge will quickly get access to crypto.
He added that he sees a lot of value in its partnership with Poundtoken because it will normalize the use of the stablecoins.
Recall that despite the gory scars of the terra luna collapse in 2022, the adoption and use of stablecoin have been permeating inflation-ridden countries like Switzerland, Argentina, and many others.
The U.K. is also developing a CBDC
The U.K., by virtue of its status as the second-largest economy in Europe, has also been making a lot of efforts to launch its CBDC.
The U.K.’s H.M. Treasury recently posted a job advert for the head of central currency with a salary range from £61,260-£66,500 for a two-year contract.
Although Andrew Bailey, the governor of the Bank of England, questioned the need for a digital pound earlier in January, he suggested an outright upgrade of the existing wholesale central bank money settlement system.