Holders of cryptocurrency can now exchange their bitcoin on 16,000 ATMs across the UK thanks to a collaboration between the East London-based cryptocurrency company, BitcoinPoint, and independent cash machine opwerator Cashzone.
With interest in bitcoin surge, easy-to-use processes to securely buy, sell and use cryptocurrency have long been a barrier to widespread adoption.
BitcoinPoint has been working to break down these barriers with a mobile app that makes it possible to buy and sell bitcoin in a network of agents, from Bureaus de Change to newspapers, as well as online through a transfer solution bank immediately through Open Banking.
“When we started the service in early 2018, there wasn’t enough emphasis on making it easier for people to simply buy £ 5 of bitcoin,” said BitcoinPoint CEO and former Head of Credit Suisse VP Benoit Marzouk. “Since registering on a crypto exchange can be a complicated process for tech-savvy people, the limited availability of bitcoin ATMs made bitcoin accessibility a problem.
The company, which has so far handled 20,000 transactions online and in-store, believes the collaboration with Cashzone will finally fulfill the potential for mass adoption that will allow bitcoin to compete on fair play with fiat currency.
To withdraw cash, bitcoin holders download the app, specify the desired amount of withdrawal, scan a QR code, and receive an SMS message with a pin code to enter in the ATM machine – no card or bank membership is required and the transaction is processed within seconds.