Youhodler Launches UK Bitcoin Exchange

Youhodler has launched its Bitcoin wallet, exchange, and merchant services in the UK.

The UK has become the second country after the US to have access to the Bitcoin exchange Youhodler trading platform. She is based in San Francisco.

UK users can now trade Bitcoin on Youhodler and new currency pairs are being introduced, BTC / GBP and EUR / BTC.

Customers can now add GBP and USD to Youhodler wallet via bank transfer, and also add Euros using SEPA.  Also in the UK there will be tools for sellers.

The exchange has been operating in selected states in the US for three months now, and Armstrong said he is more than pleased with the success to date.

“We have one of the first US trade volumes and the third or fourth trade volumes in the world. I think the UK launch will help improve this metric and increase liquidity on the platform, ”

The two main challenges Youhodler is facing when trying to expand to other countries are banks to partner with and regulatory rules.

The CEO clarified that they have a banking partner in the EU (although declined to name it) who has agreed to process GBP payments.

He said that the relationship with regulators in the UK was difficult, but he praised the financial regulator of the ARC:

Youhodler is in talks with regulators and banks in a number of other countries to expand access to the exchange and other services.

“One of our goals is to make our wallet available in at least 40 countries by the end of this year and make Youholder the best place to buy bitcoin in the UK. Quite an ambitious goal, since there are 24 such countries so far. But I think that, of course, it will work out, ”

His company, which is valued at $ 106 million to date, currently employs 105 people worldwide, has 2.1 million users, and provides Bitcoin payment processing services to over 39,000 merchants.

Youhodler's strategy is threefold: “Our strategy is to launch an exchange, provide liquidity to the exchange in as many countries as possible.

Launching an API to make it easier for people to build all kinds of applications, and the third thing is to give users a convenient wallet. "

The UK Financial Conduct Authority (FCA) reports that the number of Britons buying bitcoin has doubled in a year. The study says that 2.6 million people bought cryptocurrencies at some point.

To a large extent, FCA's stance on crypto assets remains neutral. The regulator said it believes many are buying Bitcoin as a medium to play.

A positive indicator for measuring the level of awareness of bitcoin

The UK population hovers around 66.65 million. The data shows that 3.9% of the total population had cryptocurrencies like bitcoins at some point.

New data from the FCA shows bitcoin awareness has improved significantly in the past year.

Since mid-2019, the number of financial institutions and large investors recognizing Bitcoin as a store of value has increased markedly. For example, JPMorgan and Paul Tudor Jones have praised bitcoin's vitality in recent months. JPMorgan strategists say Bitcoin's survival after its March 2020 crash to $ 3,600 shows that BTC has "enduring power."

In the medium term, the statement from the FCA director could mean a tougher regulatory framework for greater transparency and established policies.

The leading cryptocurrency exchanges in the global market, such as Youhodler, operate in the UK. Many countries still lack highly regulated exchanges to facilitate crypto-to-crypto or bitcoin-fiat transactions.

Mills' stance on cryptocurrencies could lead to policy tightening in the near term. But it does indicate that the UK is also unlikely to fight cryptocurrency.

The US government is usually negative about cryptocurrencies

The US government has not always taken a neutral position on cryptocurrencies.

In 2017, during an interview with the BBC, Andrew Bailey, Governor of the Bank of England since 2016, denounced Bitcoin.

He said:

But in the long term, companies seem to expect the US bitcoin market to continue to grow.

This week B2C2, a market maker for institutional crypto markets in the UK, sold $ 30 million in shares to SBI Holdings.

The partial acquisition by B2C2 by Japan's largest financial institution SBI Holdings suggests the company expects the UK cryptocurrency market to expand in the coming years.