One of the world’s biggest cryptocurrency wallet and trading platforms, Coinbase, has completed a deal with one of the biggest banks in Britain.
Bitcoin Trading to Become Easier for British Residents
Coinbase, one of the biggest cryptocurrency exchange platforms worldwide, has announced that it successfully opened a bank account with the major British bank, Barclays. According to a recent CNBC article, most British banks have abstained from doing business with cryptocurrency-related businesses, in general, due to concerns of illicit activities.
Coinbase believes that the new partnership with Barclays will make trading Bitcoin and other cryptocurrencies much easier and faster for British investors and traders. Before the partnership, British users of the cryptocurrency exchange would have to wait a couple days before their funds would arrive in their bank accounts. The UK CEO of Coinbase, Zeeshan Feroz, stated to CNBC:
U.K. customers will benefit from faster, safer and seamless bank transfers. 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 U.K. customers, making the Coinbase experience increasingly easier,
Analysts expect a rise in British cryptocurrency traders thanks to the faster bank transfers which the exchange is going to offer in the upcoming weeks.
Expanding into the British and European Market
The new partnership with Barclays isn’t the only positive news concerning the popular cryptocurrency exchange. Coinbase has also managed to receive an e-money license by the British Financial Conduct Authority (FCA).
The license also allows the exchange to add support for the Faster Payments Scheme (FPS). It’s also worth noting that the e-money license also grants access to 23 more European countries. Anticipating greater demand for services, Zeeshan Feroz also mentions that the exchange is planning to increase their team in London by roughly eight times.
What are your thoughts on Coinbase entering a partnership with Barclays? Do you think that more British banks will partner with the cryptocurrency exchange? Let us know in the comments below!
Images courtesy of Bitcoinist archives, Adobestock, and Coinbase via Glassdoor.