Tooting Market in South London, a historic establishment dating back to 1930, has embraced the world of cryptocurrency by now accepting Bitcoin payments. This initiative is spearheaded by Hashley Giles, a passionate Bitcoin enthusiast.
After a successful Bitcoin meetup on June 18th, eight vendors at the renowned food market became pioneers in accepting crypto payments. These vendors include restaurants, bars, and even a vinyl record store. Transactions are made possible with the assistance of Bridge 2 Bitcoin, an organization dedicated to building a Bitcoin-based circular economy and collaborating with local businesses.
The event on June 18th attracted key figures from the crypto community, such as CommerceBlock, CoinShares, Mercury Layer, Civkit, and lightning network developers. The Mezzanine bar at Tooting Market experienced a significant boost in profits after introducing Bitcoin payments, with Bridge 2 Bitcoin reporting a doubling of their usual Tuesday earnings.
Bridge 2 Bitcoin offers UK businesses the opportunity to accept Bitcoin with minimal to no payment fees, instant settlement, and protection against chargebacks. This move is part of the broader strategy in the UK to enhance Bitcoin adoption, as explained by Nicholas Gregory, the CEO of CommerceBlock.
Gregory believes that increased acceptance of Bitcoin by merchants will prompt authorities to recognize it as a legitimate payment method, thereby simplifying tax obligations. With over 6 million crypto holders in the country, the UK’s crypto industry is experiencing rapid growth, surpassing other global jurisdictions.
According to AltIndex.com, the UK’s crypto industry generated a staggering $1.9 billion in 2023, marking a 137% increase from the previous year. Projections indicate that this figure could double and reach $3.77 billion by 2027. Statista has reported that more than 200 businesses across Britain now accept crypto payments, reflecting the significant growth in Bitcoin adoption.
The expanding crypto user base in the UK has motivated small businesses to embrace innovative technologies like Bitcoin, paving the way for broader crypto usage and the need for a regulated approach. Stay updated with the latest news by following us on Google News.
