Cryptocurrency Exchange Giant Coinbase has obtained a bank account with UK Lender Barclays. The Move has been described as the first partnership between a large cryptocurrency and a major Bank in the UK. Coinbase believes that the partnership will help improve British’s Customer experience by reducing transactions processing time.
What does this mean for UK Crypto Enthusiasts?
The deal marks the first significant partnership between a UK bank and a cryptocurrency exchange – a step that has been hailed by Coinbase as a significant accomplishment. The single most notable benefit to be realized by this move will be faster payments, which will simplify the process of depositing and withdrawing money from Coinbase. Previously, British users had their transaction processed via an Estonian bank, which could take a couple of days.
Coinbase’s UK Chief Executive Officer, Zeeshan Feroz, spoke about the arrangement, indicating, “Having domestic GBP payments with Barclays improves the customer experience, reduces the cost, and makes the transaction faster.”
Zeeshan Feroz also said that “Coinbase believes that this is an important step towards our commitment to making digital currencies accessible to everyone.”
Nonetheless, the partnership was not an easy or a quick one to make. The UK Chief revealed that the process for arriving at the Agreement with Barclays was a lengthy one and that Barclays required evidence of robust anti-money laundering protections.
Coinbase Simplifies Fiat Deposits and Withdrawals for UK Customers
Coinbase UK customers will now be able to withdraw and deposit fiat currency with ease. While this is owed to the new Coinbase -Barclays Agreement, it is also a result of the exchange’s new e-money license granted by the UK Financial Conduct Authority (FCA). This has allowed Coinbase access to the Faster Payment Scheme.
The Crypto exchange contemplates launching the new services available thanks to these partnerships gradually. The United Kingdom users will benefit from seamless, swift and safer bank transfers.
Mr. Feroz also stated, “We will start with a pilot, giving a small number of institutional users access to Faster Payments. In the coming weeks, we will begin rolling out to all UK customers, making the Coinbase experience increasingly easier.”
Despite the fact that this partnership augurs well for Coinbase, the United Kingdom government remains devoted to a thorough investigation of digital currencies and blockchain technology.