Founded in 1930, Honking market in South London is an iconic indoor market and the UK’s first food market.
It has received accolades such as Best small indoor market at the Great British Market Awards 2017 and Tooting is on the list Lonely Planet’s ‘Favourite Lesser-Known Neighbourhoods in the World’s Best Cities’.‘
And now it also accepts payments in bitcoin.
Bitcoin Integration
Local Bitcoin enthusiasts, led by a pseudonymous Bitcoiner known as Hashley Gileshave successfully introduced bitcoin payments to the market.
With the support of Bridge 2 Bitcoin (a UK-based builder of Bitcoin for a circular economy) eight merchants, including restaurants, bars, and a vinyl record store, began accepting Bitcoin on June 18, 2024.
The event was attended by prominent members of the Bitcoin community and organizations such as Trade Block, Mercury layer, Coin stocks, CivkitBitcoin Core Developers, Pleb Undergroundand Lightning Network developers.
Impact and future perspective
This initiative could be a game-changer for Bitcoin adoption in the UK.
Local merchants appreciate the simplicity and permissionless nature of Lightning payments, which solve the challenges faced by cash-based businesses.
Nicholas Gregory, Head of Mercury Layer & Civkit, highlighted the potential impact.
“Local initiatives like this are essential for Bitcoin,” Gregory explained. “The more merchants that 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 perspective.”
Bitcoin Beach Moment for the UK
This could be the UK’s Bitcoin Beach moment, similar to the success in El Zonte, El Salvador.
Bitcoin Beach transformed El Zonte into a Bitcoin acceptance center, eventually leading to Bitcoin being recognized as legal tender in El Salvador.
Tooting Market could similarly become a Mecca for Bitcoin adoption in the UK, potentially leading to wider adoption and use of Bitcoin across the country.
Tooting Market stands at the intersection of tradition and modern innovation and is an example of how local communities can drive the adoption of new technologies such as Bitcoin.
This combination of historic charm and cutting-edge finance could set a precedent for markets in other regions.