Cryptocurrency holders can now cash out their bitcoin at 16,000 ATMs across the UK thanks to a collaboration between East London-based Cryptocurrency company BitcoinPoint and independent cash machine opwerator Cashzone.
BitcoinPoint has been working to break down these barriers with a mobile app that makes it possible to buy and sell bitcoin at a network of agents, from Bureaus de Change to newsagents, as well as online through an instant bank transfer solution via Open Banking.
“When we started the service early 2018, there was not enough emphasis on making it easier for people to simply buy £5 of bitcoin,” says BitcoinPoint CEO and former Credit Suisse VP Benoit Marzouk. “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.“
The company, which has so far handled 20,000 transactions online and in store, believes the collaboration with Cashzone will finally deliver on the potential for mass adoption that will allow bitcoin to compete on a level playing field with fiat currencies.
To withdraw cash, bitcoin holders download the app, enter the amount desired to be withdrawn, scan a QR code, and receive an SMS message with a pin code to be entered at the ATM — no card or bank membership is required and the transaction is processed within seconds.