Blockchain.com, the popular cryptocurrency and blockchain data provider, has made an update to The Pit- its cryptocurrency exchange. The firm has added a gateway for the British Pound Sterling to the exchange, as the company is preparing for a possible influx of users caused by an impending Brexit.
Looming Fears as Brexit Trudges On
Last week, British Prime Minister Boris Johnson won in the country’s general elections, with his victory spurring many to believe that the long-awaited exit of the United Kingdom from the European Union economic bloc will soon be completed. There’s a lot of economic uncertainty concerning how Brexit will affect the country, especially as Johnson and his cabinet seem to be moving forward with a plan to leave the EU as soon as possible.
Johnson recently legislated against an extension of the transition period for Brexit, as many now believe that the Kingdom could be heading for a messy divorce from the economic bloc that will leave its economy as a shadow of itself. A mutually-beneficial trade deal is yet to be reached, and the new administration will also have to worry about sealing trade terms with other world powers- China, the United States, and its former EU mates inclusive- as soon as it wraps Brexit up.
All of this uncertainty has had a lot of people worried, and as Blockchain’s executive Vice President Baynham Herd told Cointelegraph, cryptocurrencies could be the citizens’ choice for a hedge asset.
“Bitcoin, despite being virtual, is the world’s 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 said, while adding that the company has noticed a record number of first-time deposits from British citizens.
Seamless Transactions for Willing Investors
The Pound Sterling gateway if the company’s way of catering to these new customers. According to the news source, the new gateway will allow users to make cryptocurrency purchases with the Pound through the U.K.’s Fast Payment Scheme- an infrastructure that provides for instantaneous transaction settlements for payments made between banks in the U.K.
British Bitcoin enthusiasts can rest assured that they will be able to enjoy a seamless transaction experience with The Pit.
Blockchain is undoubtedly setting itself up to corner a significant market with this. Bitcoin as recently crowned by CNN as the star investment of the past decade, and with the Bitcoin halving coming up, there are renewed hopes that the premier cryptocurrency could see yet another surge in its price. British investors will undoubtedly be watching, and if the country’s economy takes a beating from being made to leave the EU hastily, they could move into the crypto space en masse.