Coinbase to provide British Pound support for UK-based customers
UK-based customers of Coinbase, the largest U.S. cryptocurrency trading service, will now be able to transfer British Pound (GBP) and use it to directly buy and sell cryptocurrencies.
According to the official statement, customers of Coinbase (individuals), Coinbase Pro (active traders) and Coinbase Prime (institutions) will be able to make faster payments with same day deposits and withdrawals from Coinbase to British bank accounts.
Starting today, Coinbase customers in the UK will be able to seamlessly move GBP in and out of their accounts using the Faster Payments service. In most cases, this will mean almost instant access to funds. 🇬🇧https://t.co/67DMjc6y89
— Coinbase (@coinbase) August 1, 2018
As Coinbase UK CEO Zeeshan Feroz explains, until now users were spending a few days to convert crypto into euros and then into pound sterling via international bank transfer amd now that problem is solved.
“We’ve worked hard over the last few months to add GBP support for Coinbase customers across several of our product offerings in the UK. We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space. These steps include obtaining an e-money license for our fiat operations from the Financial Conduct Authority (FCA), adding support for the Faster Payment Scheme, and becoming the first cryptocurrency trading platform to obtain a bank account with a major UK bank”.
Coinbase Pro and Coinbase Prime GBP support is now available for some of Coinbase existing customers. All UK customers will get the new feature in the coming weeks.