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Coinbase Pro Launches Crypto Trading Support Using British Pounds (GBP)

Coinbase Pro Launches Crypto Trading Support Using British Pounds (GBP)

With public adoption on the rise, cryptocurrency trading is expanding across the globe. On Sept. 7, Coinbase Pro will launch cryptocurrency trading support for its U.K.-based customers.

Crypto Trading Pairs for GBP Introduced

Coinbase Pro will introduce Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC) and Bitcoin Cash (BCH) trading support using British pounds (GBP), according to a blog post.

Trading pairs for Bitcoin (BTC) and GBP already exist on the platform, and through the Faster Payments Scheme, Coinbase Pro has made U.K.-domestic bank transfers more efficient and affordable for traders.

Coinbase Pro is currently the only digital assets trading platform to support U.K. Faster Payments.

The U.K. trading support launch will take place in three stages–post-only, limit-only and full trading–and will be subject to suspension if the new order books don’t meet assessment standards.

Coinbase has advised users to follow its Twitter page for live updates during the launch.

Coinbase Expands Operations With New Tech

Earlier this month, Coinbase acquired digital identity startup Distributed Systems and filed a patent for a direct bitcoin payments system.

Founded in 2015, Distributed Systems is a decentralized identity solutions company that has developed an identity standard for decentralized applications (dApps), called the Clear Protocol.

Related: Coinbase Acquires Digital Identity Startup Distributed Systems

Under the terms of the agreement, Distributed System’s five-person team will merge with Coinbase and begin working on the company’s new Coinbase Wallet and “Login with Coinbase” product, which will allow dApp developers to easily integrate identity platforms for users to register and connect their crypto wallets.

On Aug. 14, Coinbase filed a patent application for a direct bitcoin payments system to solve the security issues surrounding direct bitcoin wallet payments.

The patent outlines the security issue as:

“Existing systems do not provide a solution for maintaining security over private keys while still allowing the users to checkout on a merchant page and making payments using their wallets.”

Coinbase plans to employ a “key ceremony” system to integrate key shares with operational master keys for encrypted, sovereign merchant transactions.

The patent also describes enterprise applications via an API key that would give different websites the ability to launch a customized version of the direct bitcoin payments portal.

Cover Photo by Yen Vu on Unsplash

Filed Under: , Adoption, Coinbase, Crypto Exchanges, Trading
Jonathan Kim

Jonathan Kim is a University of Washington student of Finance and cryptocurrency investor with a deep interest in the emerging industry of blockchain applications and cryptocurrency trading. His past experiences involve publishing original daily content for blockchain startups and trading cryptocurrencies using technical analysis principles.

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