Leading cryptocurrency exchange Coinbase has successfully completed its GBP Rollout for UK Customers. Coinbase’s GBP support represents a serious step forward in legitimizing cryptocurrency exchanging European markets.
“I’m pleased to announce that most of UK customers already have the ability to trade using using GBP on Coinbase, Coinbase Pro and Coinbase Prime,” writes Zeeshan Feroz, CEO of Coinbase’s UK division.
UK customers using Coinbase Pro and Coinbase Prime can for the first time manage to purchase major cryptocurrencies like Bitcoin and Ethereum without the need to convert funds from British Pounds to Euros and the other, thereby avoiding forex rates and additional fees for fx transactions. Account transfers are estimated to have an average of A half-hour.
Coinbase’s UK rollout has been doing works for nearly couple of months. The San Francisco-based exchange acquired an e-money license because of the UK’s Financial Conduct Authority in March, that wasthat’s shortly and then an announcement that Coinbase are the first crypto-exchange to back up the UK’s Faster Payments Scheme. Later that month, Coinbase announced it had acquired a banking accounts with the UK’s largest bank, Barclays. The sale marked the very first major partnership coming from a UK bank and then a cryptocurrency exchange.
Another cryptocurrency exchange trying to pave the way for British Pound trading pairs is Binance. This company announced in June this had signed a memorandum of understanding with officials from Jersey, an island off the coast of Britain, with the goal of launching a crypto to pound exchange.
“With the setup of the fiat exchange here, there’ll be a lot of interest with the blockchain universe thinking about Jersey. We definitely just want to bring Binance Labs into this region and invest outside here,” said Zhou Wei, chief finance officer at Binance. The company’s involvement in GBP trading has since slowed, leaving Coinbase the clear winner within the race straight into the UK market.
Binance has additionally actively hoping for a way into the states market, where Coinbase currently holds an electronic monopoly on cryptocurrency trading, but regulatory barriers help make it impossible for new entrants within the space.