's New GBP Gateway Creates a Crypto-Hedge Against Brexit Uncertainty is adding a British pound gateway to its cryptocurrency exchange as it bets on more Brexit chaos.

AccessTimeIconDec 19, 2019 at 9:30 p.m. UTC
Updated May 9, 2023 at 3:04 a.m. UTC is adding a British pound (GBP) gateway to its cryptocurrency exchange, The PIT, as it prepares for Britain’s coming separation from the European Union, or Brexit.

Announced Thursday in a press release, the addition will utilize Britain's Faster Payments Service (FPS) to let’s U.K.-based users buy cryptocurrencies almost instantly.

The company framed its dual announcement as a bet on Britain at a tenuous time. With Prime Minister Boris Johnson’s recent landslide victory all but ensuring Brexit by Jan. 31, the nation is streaming towards an uncertain future. 

That uncertainty, said in the release, coincides with a surge in British interest in its site.

"As the country we've called home for almost a decade undergoes considerable changes, it's imperative for us to provide the British people – our friends and families, co-workers and countrymen – new options to insulate their financial futures from the political scuffles that have destabilized the country's economy,” Peter Smith, co-founder and CEO, said in a statement.

Faster payments Executive Vice President of Product Xen Baynham-Herd did not provide details around FPS, a U.K. banking initiative that drastically reduced settlement times between member banks. Asked which bank was utilizing, he declined to answer. 

“We partner with multiple banks, but cannot disclose which,” he told CoinDesk.

Other cryptocurrency exchanges with UK customers have also turned to FPS over recent years. But those partnerships between traditional banks and sometimes global exchanges have had mixed success.

In 2015, Swedish crypto exchange Safello lost its FPS access after an undisclosed partner bank severed ties – just six weeks after the service launched. Safello was unable to set up ties with other banks. 

More recently, Coinbase, one of only four exchanges who now have FPS access, temporarily disabled FPS service. Its institutional banking partner, Barclays, had pulled the plug too. (Coinbase now banks with the U.K.'s ClearBank).

Though it is not clear which banks has partnered with, Baynham-Herd said the FPS service is already gaining traction among sterling-centric users. 

“We’re already seeing GBP deposits come through and clear in minutes via FPS,” he said.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.