UK Coinbase Users Receive Faster Crypto-Fiat Transfers In First For Country

Crypto exchange service and wallet Coinbase has become the first cryptocurrency exchange to open a UK bank account and gain access to the UK’s Faster Payments Scheme (FPS), according to a blog post by Coinbase CEO Zeeshan Feroz published today, March 14.

While the Coinbase blog post does not name the bank in question, Bloomberg notes that Coinbase reportedly opened an account at UK bank Barclays. The deal between Barclays and Coinbase was helped along by the fact that Coinbase also received an e-money licensefrom the UK’s Financial Conduct Authority this week.

Coinbase, which expanded its services to Europe in 2014, has seen its European market grow “twice as fast as any of [their] other markets in 2017”, with the UK as the company’s “biggest market”, Feroz told Business Insider March 14.

The Fast Payments Scheme is a UK banking initiative aimed at reducing transaction times and is the main infrastructure for money payments currently used in the country. Feroz told Business Insider that supporting the Faster Payments system will allow customers “to see a vastly improved deposit and withdrawal experience.”

Coinbase’s access to the FPS means that British customers will no longer have to convert their crypto assets to euros and then to pounds through an Estonian bank, in order to withdraw crypto from Coinbase, which takes a few days and adds on exchange rate charges, according to CNBC

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