Coinbase has revealed that it has obtained a bank account with major U.K-based multinational financial services company, Barclays. The partnership comprises the first agreement reached between a leading U.K bank and a cryptocurrency exchange.
Coinbase Opens Account With Barclays
The opening of an account with Barclays has been hailed as a major accomplishment by Coinbase, who have described the deal as comprising the first partnership between a major U.K bank and a cryptocurrency exchange.
The U.K chief executive officer of Coinbase, Zeeshan Feroz, stated that “Having domestic GBP payments with Barclays reduces the cost, improves the customer experience…and makes the transaction faster,” adding “We believe that this is an important step towards our commitment to making cryptocurrency accessible to everyone.”
Mr. Feroz has indicated that coming to an agreement with a UK bank has been a lengthy process, with Barclays wishing to see evidence of robust anti-money laundering processes. “It’s a completely brand new industry. There’s a lot of understanding and risk management that’s needed,” Mr. Feroz said…