BitcoinPoint, a UK-based Bitcoin buying platform, has quickly secured its initial £100,000 funding target through its equity crowdfunding on Crowdcube and is now nearing £200,000. The investment round has already attracted close to 400 Crowdcube investors.
Founded in 2017, BitcoinPoint stated that its in-house software provides the ability to buy bitcoin in stores or online through its mobile app.
“We are using the largest ATM network in the UK with over 16,000 machines to allow customers to sell bitcoin and withdraw cash. Our ‘Online Wallet’ is allowing anyone to link his email address to the blockchain and hold some bitcoins hassle-free.”
The company’s mission is notably to create the “Western Union” of crypto and also connect to the global payment system which are bank accounts and cards. BitcoinPoint’s achievements so far include:
- More than 21,500 transactions and over 2,500 accounts
- Agreement signed to connect to 320k locations globally
- Allowed the selling of bitcoin & withdrawal of cash through one of the largest UK ATM network with 16k ATMs
- Launched an instant bank transfer feature (Open Banking technology)
- The platform was supporting a network of 25 agents reaching over £200k in monthly transactions prior to lockdown. Down to 7 agents & £58k on transactions in Feb ’21 (YE Mar 21: Rev: £47.8k, EBITDA -£24k)
- Released a Bitcoin Online Wallet with zero network fees when clients buy
Funds from the Crowdcube round will be used to continue the growth and development of the BitcoinPoint platform/products. The company is now offering 4.99% in equity (£3.14 share price) with a £3.5 million pre-money valuation through the funding round, which is set to close mid-June.
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