Crypto Exchange Coinbase Adds British Pound Support

Announcements, News | August 3, 2018 By:

Crypto exchange Coinbase has added support for British pound (GBP), enabling faster payments with same day deposits and withdrawals from Coinbase to British bank accounts.

In a blog post, Coinbase UK chief executive Zeeshan Feroz wrote that the GBP support will be rolled out for UK-based customers of Coinbase (individuals), Coinbase Pro (active traders) and Coinbase Prime (institutions). UK Customers will now be able to transfer pound sterling and use it to directly buy and sell cryptocurrencies.

“Until now, the process of converting bitcoin, Bitcoin Cash, ethereum and Litecoin into euros and then into pound sterling, via international bank transfer, took several days,” Feroz said. “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.”

The GBP support is currently available to some existing customers, with the company promising to gradually roll out support to all British customers “in the coming weeks.” The exchange is also planning to introduce GBP trading pairs with GBP/BTC and GBP/ETH.

In March of this year, Coinbase obtained an e-money license for its fiat operations from the UK’s Financial Conduct Authority (FCA). The license allowed Coinbase to issue e-money and provide payment services in the region. It also announced that it was joining the UK Faster Payments Scheme, which aims to provide efficient bank transfers to residents.