This promoted article has been co-written by BitcoinPoint.com
BitcoinPoint’s vision is to create a Western Union-style service for Bitcoin.
The company adopted a holistic view by creating an ecosystem of agents, point-of-sale portals and ATMs to make it easier for people to acquire and sell bitcoin. After signing an agreement to expand to over 300,000 worldwide locations, the company is raising money in order to become a global player with its innovative on-ramp and off-ramp solutions.
Remittance And Bitcoin
Presently, at least half of the world’s remittance market, a $500 billion market, is still cash-based, giving big companies the opportunity to charge exorbitant rates. BitcoinPoint predicts that the sector will be disrupted by cryptocurrencies.
To date, the company has facilitated more than 22,000 transactions. Available in the U.K., the app makes it easy to buy bitcoin in licensed stores with cash competing with Bitcoin ATMs, and online through a linked U.K. bank account.
Meeting a sizable demand in the U.K., some bitcoin buyers are already using the cash-in service for remittances abroad, including Nigeria, as well as the Baltic and Eastern European countries.
BitcoinPoint, The Story
It began early 2017 when its cofounder struggled to open an account on a cryptocurrency exchange and found bitcoin ATMs too expensive. A few months later, he decided to create a platform to democratize access to Bitcoin. In March 2018, the company released an app with an online Bitcoin wallet that charged zero network fees for purchases in-store, and BitcoinPoint became two years later a platform supported by 25 agents with $277,000 (£200,000) in monthly transaction volume, ranking in the top bitcoin ATM services in London.
By mid-2020, the app also allowed the customers to instantly buy through open banking technology, creating a unique bitcoin exchange with non-custodial solutions on both cryptocurrency and fiat, removing the credit risk for the users.
Six months ago, the company began allowing users to sell bitcoin and withdraw cash through 16,000 ATMs across the U.K., making the largest ATM network in the country an off-ramp service for Bitcoin. And last month, it signed an agreement to connect to 320,000 in 20 countries.
“This new partner, bringing in POS locations in Europe, Latin America, Asia and Africa, will be a game changer by allowing us to scale-up our activities faster,” BitcoinPoint said of its near-future plans. “We are also in discussions with banking and retail partners in different countries as we aim to build a remittance service leveraging our Bitcoin expertise to allow cross-border instant transfers.”
“Also, after our successful integration into U.K. Faster Payment Service, we want to become a fiat gateway to Bitcoin and DeFi by connecting to global payment service providers. We also want to facilitate online payment processing solutions in emerging countries for people who don’t have access to the financial system.”
While, the company has successfully hit a fundraising goal to expand its services a few hours after being live, the campaign will last for a full month as the more funding they can gather, the quicker they can realize their global expansion:
BitcoinPoint will attend the Bitcoin 2021 Conference in Miami. Find out about its services: