One of the world’s largest crypto exchange ‘Coinbase’ recently announced its new service by introducing deposits and withdrawals in British Pound ‘GBP’ directly yesterday. This move of immediate transfers is well planned move from the company to make their stand in the UK market making the trading in cryptocurrencies easier for the Coinbase customers in UK. The CEO of Coinbase at U.K Zeeshan Feroz mentioned this as:
“ A progressive approach towards becoming a primary bank account for its users in U.K. It would be for the first time users will not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from GBP to euros and vice versa to add and remove funds, there will be no more exchange rates.”
The Coinbase customers in UK due this support will no longer have to convert their funds from pounds to euro and then euro to pound vice-versa for the deposits and withdrawals thereby paying conversation rates as per SEPA like the old days which took several days. Now the users get access to the U.K.’s Faster Payments system, meaning same day deposits and withdrawals, with most transfers going through almost immediately.
The rollout of this new feature is already live to few customers and the rest will receive access to their GBP wallets in the upcoming days. Underlying is the trading volume statistics on the Coinbase exchange.
Coinbase after recently employed with a e-money license in the U.K partnered with several local banks and merchants. As reported by EtherDesk earlier, this is a plan of expansion by the company, to create a greater sense of confidence in the market after the introduction of digital gift cards introduced by the company to boost its business in the European Market.