Blockchain.com has expanded its offering with the launch of a gateway for users to deposit and withdraw British Pounds through the UK’s Faster Payments Service (FPS).
The launch deepens British users’ accessibility to crypto transactions, allowing them to go from account creation to buying crypto in minimal time.
Peter Smith, Co-founder and CEO commented: “Blockchain.com’s roots in the UK go all the way back to the beginning in a small flat in York.
“As the country we’ve called home for almost a decade undergoes considerable changes, it’s imperative for us to provide the British people – our friends and families, co-workers and countrymen – new options to insulate their financial futures from the political scuffles that have destabilized the country’s economy.”
Those engaging with the Blockchain Exchange can now deposit, withdraw, and use GBP to buy bitcoin (BTC) and Ether (ETH).
The firm outlined it is experiencing increased transactions from British users, with ‘record numbers of people’ entering the crypto sector ahead of the UK’s exit from the European Union.
It comes as the UK government prepares to ensure it ‘gets Brexit done’, with the overdue implementation of its Brexit bill, which will reportedly include a legislation that eradicates the possibility of any further extensions to any Brexit transition period.
The 2020 hard deadline had a significant impact on the pound, with it falling as much as 3.3% as it was clear that a trade deal between the UK and the EU would now have a strict deadline of the end of next year.
It likely marks the start of a period that is likely to be relatively turbulent for the pound as trade talks between the UK and EU governance are heightened – nonetheless it remains to be seen whether fluctuating markets make way for an opportunity to crypto investors.