UK London’s iconic Tooting Market, established in 1930, is now accepting Bitcoin payments, led by a Bitcoin enthusiast Hashley Giles.
Following a Bitcoin meetup on June 18, eight merchants at the UK’s first food markets, started accepting crypto payments. This includes restaurants, bars and a vinyl record store. Transactions take place with the support from Bridge 2 Bitcoin, which builds Bitcoin circular economy, liaising with local merchants.
The June 18 event saw notable participants from the crypto community including CommerceBlock, CoinShares, Mercury Layer, Civkit and lightning network developers.
The Mezzanine bar at the Tooting market saw double the profits after debuting Bitcoin payments on Tuesday, wrote Bridge 2 Bitcoin.
“Yesterday was their 1st night accepting bitcoin, & their takings were double what they usually receive on a Tuesday!”
📣The Mezzanine bar @TootingMarket now accepts #bitcoin & #LightningNetwork payments!🍻
🍹Mezzanine
📍Unit 4, Tooting Market, SW17 8TA
🔗https://t.co/4ELqaoYUlrYesterday was their 1st night accepting bitcoin, & their takings were double what they usually receive on a Tuesday! pic.twitter.com/mpXjdgDwEx
— Bridge 2 Bitcoin (@Bridge2Bitcoin) June 19, 2024
Bridge 2 Bitcoin enables UK businesses to accept Bitcoin with low to zero payment fees, instant settlement and no chargebacks.
UK’s Broader Bitcoin Adoption Strategy
According to Nicholas Gregory, CEO of CommerceBlock, move like this would open doors for a wider Bitcoin push.
“The more traders accept Bitcoin, the more we can push the state to recognize it as a legitimate form of payment, making it easier to use from a tax efficiency perspective,” Gregory told the Bitcoin Magazine.
Recently, Coinbase’s Stand with Crypto noted that the country has over 6 million crypto holders. Further, the UK crypto industry maintains a strong pace of growth, growing faster than other jurisdictions across the globe.
Per AltIndex.com data, the UK crypto industry grossed $1.9 billion in 2023, a massive 137% year-over-year growth from $800 million in 2022. It predicted that the figure could double and hit $3.77 billion by 2027.
Also, Statista noted that more than 200 businesses across Britain accept crypto payments, given the massive Bitcoin adoption growth.
The increase in the crypto user base in the UK has encouraged small merchants to adopt new technologies like Bitcoin, thus, driving broader usage of cryptos and calling for a regulated approach.