GBP Deposits and Withdrawals Now Supported: Coinbase
With the motive of improving the user experience in the UK and to make it easier for the company’s UK customers to deposit and withdraw funds, Coinbase is going to add support for GBP.
At the CryptoCompare & MJAC’s London Blockchain Summit, Coinbase UK CEO Zeeshan Feroz revealed that the company will roll out support for GBP wire transfers in next few weeks.
The cryptocurrency exchange currently uses Estonian bank LHV to process payments, which are all made in euros (EUR). Whenever it receives a GBP deposit or withdrawal, Coinbase converts the funds to EUR. If a user withdraws to an account denominated in GBP, it may deal with additional fees for foreign currency transactions.
Feroz was quoted as saying:
The biggest thing for me is rolling out access to faster payments for UK consumers (…) Over the next few weeks, we’ll be rolling that out for all customers. UK users will be able to deposit Sterling and withdraw Sterling out into their bank accounts using faster payments.
Earlier this year after opening a bank account with Barclays, Coinbase received an e-money license from the UK’s Financial Conduct Authority (FCA). This will allow the exchange to support GBP payments and join the Faster Payments Scheme (FPS).
Feroz had in the past pointed out that the UK market is the largest one in Europe. According to CrytoCompare data, 869 BTC (about $5.3 million) were traded against GBP in the last 24-hour period, meaning the fiat currency represented 0.25 percent of the flagship cryptocurrency’s trading volume.
When asked about the support for new cryptocurrencies at the press, he responded by referencing the newly-acquired decentralized exchange Paradex, stating:
We will start to take a product-specific view in terms of the regulatory profiles of coins and the service they’re providing and if that allows us to extend it beyond the four coins we have. You will see our businesses as they grow, the coins supported will maybe diverge. One example of that is Paradex which today is live in Europe with eight coins.
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