More Coinbase news this week, as the leading US based cryptocurrency exchange moves to accept payments in Pound Sterling (GBP). Customers in the United Kingdom will now be able to deposit in GBP and also withdraw in GBP, giving British users better access to trading on the exchange, in a currency that is better understood in the UK. Moreover, this will combat the need for confusing conversion calculations and extra exchange fees.
For now, GBP will only be available within the UK. It is set to be powered by ‘Faster Payments’ a UK based payment system that offers ultra quick payments for UK customers who wish to carry out transactions such as online purchases and direct bank to bank transfers. Because of Faster Payments integration, some users may be able to accesses their funds in GBP, as soon as 2 hours after withdrawal. As it stands, Faster Payments is only available in the UK.
According to The Next Web, a spokesperson from Coinbase has said:
“Generally speaking, Coinbase strives to provide our customers globally with the easiest way to convert fiat in to crypto[currency] and back. We will continue to invest in partnerships and infrastructure that helps us deliver this.”
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For now, customers will be limited to transactions with a maximum value of £250,000.00 as the Faster Payments system is only able to handle this as a maximum value.
This marks a new start for Coinbase in the UK. Traditionally, customers using Coinbase in the UK had to deal with a slow and cumbersome process that meant high fees and slow transaction speeds. Now, with the addition of GBP and the Faster Payments system, customers have access to sensible exchange rates, reduced fees and an opportunity to move funds around in a much shorter time frame, with withdrawals sent to your account in as little as 2 hours.