UK Customers to Enjoy Full GBP Support Following Coinbase Reinstatement

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by Verolian Opiyo · 3 min read
UK Customers to Enjoy Full GBP Support Following Coinbase Reinstatement
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After nearly three months of a blackout, Coinbase’s UK retail and institutional customers can now withdraw and deposit cash within 60 seconds.

Coinbase, that is a well-known large crypto exchange based in the U.S., has taken a decision to reinstated GBP moves targeted at its UK users. This has become known from the recently published official blog post.

The company has further incorporated full support for five brand new crypto assets: XRP, Stellar (XLM), Augur (REP), 0x (ZRX) and Basic Attention Token (BAT) – to GBP digital wallets as the firm reported on a material day. 

Successful Cooperation between Coinbase and Clearbank 

Last year, Coinbase had already begun GBP support after getting an e-money license for “traditional currency” control from the United Kingdom’s Financial Conduct Authority. 

On the contrary, it acquired access to the Faster Payments Scheme (FPS) in the UK by launching an account at Barclays, a renowned London-based banking magnet. 

One year down the line, Barclays reportedly persevered its partnership with the company, leaving Coinbase clients in the U.K waiting for longer to process their withdrawals and deposits. 

Reinstated GBP aid somehow is influenced by the latest agreement signed with Clearbank that is known to be based in London. This is according to a report by Bloomberg. 

Focusing on its membership of FPS in the United Kingdom, the services of the Clearbank should now offer near-instant transfers between Coinbase wallets and U.K bank accounts.

Zeeshan Feroz, Coinbase U.K. CEO indicated that both retail and institutional customers should soon be able to make GBP transfer in less than 60 seconds but reluctant to officially reveal the name of the network’s anticipated banking partner. 

While both Coinbase and Barclays have refused to speak officially about the conclusion of their partnership, Feroz shared with Bloomberg: 

 “It’s a very nascent industry that is broadly unregulated so the challenge a traditional bank has is crypto doesn’t fit into one of its existing models for other industries. Understanding the crypto space and how you manage the risk requires a significant amount of investment and resources.”

Other Initiatives

Among other recent decisions taken by Coinbase, we should mention its USD Coin (USDC) reward program. As Coinspeaker has already reported the program is aimed at increasing the USDC acceptability. US residents will have a chance to earn 1.25% APY rewards on their USDC that they hold on the platform.

However, not all the news recently revealed by Coinbase seems to be warmly welcomed by users. From the beginning of the next week, Coinbase Pro, which is a platform for institutional investors and professional traders, is ging to increase fees. These changes will affect those who have accounts transacting under $50,000. At the moment all accounts transacting under $100,000 should pay 0.25 %(takers) and 0.15 %(makers). However, now accounts transacting under $10,000 will be charged 0.50% and those in between $10,000 and $50,000 will be charged 0.35%. Other accounts won’t suffer from these changes. Their fees will either stay the same or be even reduced.

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Verolian Opiyo

An avid reader and enthusiastic writer, Verolian recently chose to dedicate his time doing freelance writing. He holds a degree in English Literature and is experienced in the future of finance, creativity, literature, and innovation tucked under his belt. Verolian crafts engaging and compelling content for Blockchain and Crypto audience.

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