Leading cryptocurrency brokerage Coinbase announced the launch of GBP trading for UK-based customers, leveraging the platform’s freshly-minted e-money license issued by the UK Financial Conduct Authority.
Having recently become the first cryptocurrency trading platform to obtain a bank account with a major UK-based bank, Coinbase now offers Coinbase Pro, and Coinbase Prime customers can make same-day deposits and withdrawals from the Coinbase platforms to UK bank accounts.
Coinbase Builds Bridges to Traditional Finance Ecosystem
The addition of GBP support to the Coinbase platform will be rolled out in phases — some UK-based Coinbase customers are already able to access GBP wallets, while others may need to wait several weeks until functionally is made available.
Coinbase UK chief executive Zeeshan Feroz outlined the benefits of GBP support in an official Coinbase announcement:
“Customers will now be able to deposit and withdraw pound sterling and use it to directly buy and sell cryptocurrency – for the first time. Customers will not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from GBP to euros and vice versa to add and remove funds, there will be no more exchange rates.”
Previously, UK-based Coinbase customers were required to rely on withdrawal and deposit methods that took several days, necessitating the conversion of cryptocurrencies into Euro, then Euro conversion into GBP — adding significant exchange costs to transactions.
The addition of direct GBP support to the Coinbase platform closes the gap between the fiat and cryptocurrency ecosystem, assisting with the expansion of a crypto/fiat bottleneck that currently functions as an obstacle to widespread adoption. The addition of the new GBP wallet, states Feroz, is set to optimize market participation for Coinbase users:
“Faster payments will benefit all UK customers, enabling almost immediate transfers. This is essential for Coinbase Pro and Coinbase Prime customers in particular who will now be able to transfer funds quickly.”
Cover Photo by Kit Ko on Unsplash
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