UK-based cryptocurrency wallet provider Blockchain.com has launched a British pound gateway, dubbed The Pit, to its crypto exchange due to a record number of first-time deposits from U.K. users before coming Brexit. This should significantly improve U.K. users’ deposit and withdrawal experience.
The new gateway allows to buy crypto using British pounds via the U.K.’s Fast Payments Scheme which provides near-instant transaction settlement times for payments between different British banks.
After Brexit shock, the U.K. economy is forecast to see protracted uncertainty and volatility as the government enters a lengthy period of renegotiating the country’s trade deals with its major partners — foremost the EU itself and the United States.
“Bitcoin, despite being virtual, is the world’s hardest asset. Throughout history, savvy investors have relied on hard assets to manage risk and protect long-term value in the face of instability and economic downturns,” experts say.