Bitcoin holders will be able to cash out at thousands of ATM machines across the UK as the cryptocurrency strives towards becoming more mainstream.
East London-based BitcoinPoint, 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 at 16,000 Cashzone ATMs and instantly cash out between £10 and £500.
Cashing out: Bitcoin holders can now sell their cryptocurrency at 16,000 Cashzone ATMs and instantly cash out between £10 and £500.
To do so, they need to register with BitcoinPoint, decide how much they want to cash out, scan a QR code and enter a pin code sent to them via text message into the ATM.
BitocoinPoint charges a fixed £2.70 commission, plus a 3.99 per cent on the amount of the transaction.
Benoit Marzouk, BitcoinPoint chief executive, said: ‘When we started the service early 2018, there was not enough emphasis on making it easier for people to simply buy £5 of bitcoin.
‘Since registering on a crypto exchange could be a complex process for non-tech savvy people, the scarce availability of bitcoin ATMs made accessibility of bitcoin problematic.’
BitcoinPoint’s app also allows people to buy and sell bitcoin at a network of agents, from Bureaus de Change to newsagents, as well as online.
Bitcoin had a remarkable rally last week, spurred by rising interest from institutional investors
With Bitcoin holders now able to covert their Bitcoin into cash at ATMs, the potential for a widespread adoption of the cryptocurrency has increased, according to Marzouk.
It comes as Bitcoin had a remarkable rally last week, spurred by rising interest from institutional investors, who increasingly see it as equivalent to gold at a time when central banks continue to pump billions into economies across the world.
Bitcoin passed the $20,000 level for the first time last week, hitting a new record high of $24,299.75 on Sunday, although today it has fallen back towards $23,500.
XRP drops 25% as Ripple faces US lawsuit
XRP, the third-biggest cryptocurrency, has lost a quarter of its value today after US firm Ripple faced official charges from US regulators.
The US Securities and Exchange Commission (SEC) alleges that Ripple’s XRP is an unlicensed security.
Ripple has rejected the charges, saying XRP is a 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 tumbled 25 per cent to $0.35, its weakest point in a month. It rocketed in November to hit its highest level since 2018 amid a wider crypto rally.
The SEC has also charged two Ripple executives for personal gains they received from the offering.
Financial regulators around the globe are still grappling with how to regulate cryptocurrencies.
Markets are watching closely for regulatory developments that could determine whether cryptocurrencies make the leap from a niche to a mainstream asset.