Bitcoin cash outs arrive in the UK with BitcoinPoint-Cashzone merger

Bitcoin cash outs arrive in the UK with BitcoinPoint-Cashzone merger

The collaboration between BitcoinPoint, an East London based cryptocurrency firm, and independent cash machine operator, Cashzone, has reportedly provided cryptocurrency holders the facility to cash out their bitcoin at 16,000 ATMs across the UK.

Apparently, with increasing interest in bitcoin, user-friendly processes for buying, selling, and using cryptocurrency in a secure manner have long been a hinderance for its widespread adoption. In this regard, BitcoinPoint has been taking consistent efforts to remove these barriers through a mobile app that will make the process of buying and selling bitcoin possible at network of agents, right from Bureaus de Change to newsagents, and online using instant bank transfer through Open Banking.

Commenting on the initiative, BitcoinPoint CEO and former VP of Credit Suisse, Benoit Marzouk stated that when the company had started its service in early 2018, there was not much inclination towards making the purchase of bitcoin easier, even for £5 of bitcoin.

As registration on a crypto exchange could be an intricate procedure for people who are not tech savvy, lack of availability of bitcoin ATMs made it difficult to access bitcoin, Marzouk added.

BitcoinPoint, which has reportedly handled around 20,000 transactions online and in store believes that their collaboration with Cashzone will provide the potential for mass adoption of bitcoin which in turn  will enable the cryptocurrency to compete with fiat currencies on a level playing field.

For the record, bitcoin holders are required to follow a procedure for withdrawing the cash from the ATM, which comprise of downloading the app, entering the desired amount to be withdrawn, scanning a QR code, receiving an SMS message with a pin code to be entered at the ATM and the transaction is processed within seconds. Moreover, no card or bank membership is required for the withdrawal.

Source credits: