A partnership between Poundtoken and BitcoinPoint will make the country's first 100% backed GBP stablecoin ($GBPT) accessible to retail consumers via a network of 18,000 ATMs across the United Kingdom.
The move marks another step towards the U.K. becoming a "crypto hub" and is in line with the government's push to use stablecoins for wholesale settlements.Bitcoin Point is a Lightning Network-enabled Bitcoin (BTC), and cryptocurrency exchange, licensed and registered in the U.K.
Poundtoken is the sole issuer of the GBPT ($GBPT) stablecoin. Poundtoken states that its stablecoin GBPT is fully backed in pound sterling at all times, with monthly attestations provided by auditor KPMG.
Tokens including Bitcoin, Ether (ETH) and can already be swapped for cash at ATMs across the United Kingdom. However, listing GBPT on the BitcoinPoint platform means that users can now access retail and wholesale payments using the GBP stablecoin, and use a currency familiar to Brits as an onramp into crypto.Read more on cointelegraph.com