Bitcoin comes to cash machine near you: 16,000 ATMs across Britain to offer cryptocurrency exchange via app
- Crypto company BitcoinPoint has struck a deal with cash machine operator Cashzone
- Bitcoin holders can now sell their Bitcoin in 16,000 ATMs nationwide
- They need to register with an app and can swap between £ 10 and £ 500
Holders of Bitcoin will be able to exchange for thousands of ATMs across the UK as the cryptocurrency strives to become more mainstream.
BitcoinPoint of East London, which offers services to buy and sell Bitcoin, has struck a deal with independent cash machine operator Cashzone.
Bitcoin holders can now sell their cryptocurrency on 16,000 Cashzone ATMs and cash between £ 10 and £ 500 immediately.
Cash out: Bitcoin holders can now sell their cryptocurrency on 16,000 Cashzone ATMs and cash between £ 10 and £ 500 immediately.
To do that, they need to register with BitcoinPoint, decide how much they want to exchange, scan a QR code and identify a pin code sent to them via text in the ATM machine.
BitocoinPoint charges a fixed commission of £ 2.70, plus 3.99 percent on the transaction amount.
Benoit Marzouk, chief executive of BitcoinPoint, said: ‘When we started the service in early 2018, there was not enough emphasis on making it easier for people to buy just £ 5 of bitcoin.
‘Since registering on a crypto exchange could be a complicated process for tech-savvy people, the limited availability of bitcoin ATMs made bitcoin accessibility problematic.’
The BitcoinPoint app also allows people to buy and sell bitcoin in a network of agents, from Bureaus de Change to newspapers, as well as online.
Bitcoin had a remarkable rally last week, driven by the growing interest of institutional investors
With Bitcoin holders now able to hide their Bitcoin cash in ATMs, the potential for widespread adoption of the cryptocurrency has increased, according to Marzouk.
It comes as Bitcoin had a spectacular rally last week, driven by the growing interest of institutional investors, who are increasingly considering it the equivalent of gold at a time when central banks continue to pump billions into economies worldwide.
Bitcoin passed the $ 20,000 level for the first time last week, hitting an all-time high of $ 24,299.75 on Sunday, although today it has fallen back toward $ 23,500.
XRP is down 25% as Ripple faces US lawsuit
XRP, the third largest cryptocurrency, has lost a quarter of its value today after US-based company Ripple faced official allegations by US regulators.
The United States Securities and Exchange Commission (SEC) claims XRP Ripple is unlicensed security.
Ripple has denied the payments, saying XRP is currency and does not need to be registered as an investment contract.
XRP lost more than a quarter of its value today
All the same, XRP fell 25 percent to $ 0.35, its weakest point in a month. It rocked in November to reach its highest level since 2018 amid a broader crypto rally.
The SEC has also charged two Ripple executives for personal gains they received from the offering.
Financial regulators around the world are still grappling with how to regulate cryptocurrencies.
Marketers are keeping a close eye on regulatory developments that could determine whether cryptocurrencies make the leap from a niche to a mainstream asset.