Blockchain.com Offers Pound Sterling Trading Pair Ahead of Brexit

Crypto wallet and exchange provider Blockchain.com has offered users in the United Kingdom the ability to make payments and cryptoasset purchases with the British pound ahead of Brexit.

According to a report, Blockchain.com has launched a pound sterling gateway to its crypto exchange service, The Pit.

To celebrate Christmas, we are opening our GBP - BTC and GBP - ETH order books — offering market-leading pricing and liquidity — with 30 days of fee free trading! Deposit + withdraw in minutes via faster payments here: https://t.co/hfnbxY4FDr#happychristmas pic.twitter.com/qiG5zr6AcI

— Blockchain.com Exchange (@BlockchainPIT) December 20, 2019

Xen Baynham-Herd, executive vice president of product at Blockchain, said the decision was made in light of Brexit, in addition to the record number of first-time deposits being made to the platform by UK users.

Baynham-Herd called cryptoassets a potential safe haven investment for UK citizens amidst the economic uncertainty being generated by Brexit,

Bitcoin, despite being virtual, is the worlds hardest asset. Throughout history, savvy investors have relied on hard assets (like gold) to manage risk and protect long-term value in the face of instability and economic downturns.

He continued, saying that "an event like Brexit, a global recession, or sovereign debt restructuring, could motivate more people to adopt Bitcoin and cryptocurrencies."

The Pit will allow users to purchase crypto-assets with British pounds via the U.K.s Fast Payments Scheme, which provides near-instantaneous settlements on transactions between different banks.

Featured Image Credit: Photo via Pixabay.com

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Tags: Pound sterling, Brexit, Trade, Blockchain, United Kingdom, Crypto Wallet, Bitcoin