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Blockchain.com adds British Pound deposits and withdrawals to its cryptocurrency exchange, The Pit

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Blockchain.com adds British Pound deposits and withdrawals to its cryptocurrency exchange, The Pit

The UK-based cryptocurrency data and wallet provider Blockchain.com has added GBP deposit and withdrawal services to its cryptocurrency exchange, The Pit, and stated that it is prepared for Brexit.

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According to a report, Xen Baynham-Herd, the Chief Product Officer at Blockchain, stated that with the arrival of Brexit, the exchange has seen a milestone in the first deposit of funds from UK users. The Pit will now allow users to purchase cryptocurrencies using the British Pound through the Fast Payments Scheme in the UK, which is designed to facilitate payments between different UK banks and provide almost real-time transaction settlement times, significantly improving the deposit and withdrawal experience for UK users. Reducing Economic Impact With the recent vote in the UK Parliament on 12/20, where Prime Minister Boris Johnson's Brexit deal was approved by 358 votes to 234, confirming the UK's departure from the EU on 31/1/2020, and explicitly prohibiting the government from extending the Brexit transition period, this signifies a serious departure from the EU with no possibility of extension. Prime Minister Boris Johnson and his hardline Brexit cabinet have forced the UK economy to prepare for the impact of Brexit. Baynham-Herd, the Chief Product Officer at Blockchain, stated that cryptocurrencies are prepared to serve as a safe haven for British investors: Although Bitcoin is virtual, it is one of the world's hard assets. Throughout history, savvy investors have relied on hard assets like gold to manage risks and preserve long-term value. With the government entering a prolonged period of renegotiating trade agreements with key partners, the EU and the US, the UK economy is expected to face long-term uncertainty and turmoil. Baynham-Herd further explained that Bitcoin can effectively hedge against geopolitical uncertainties and macroeconomic factors, therefore he believes that more people in the UK will adopt Bitcoin and other cryptocurrencies. Related Reading
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