Coinbase adds support for sterling deposits and withdrawals

August 02, 2018
Chris Wheal

Coinbase, the San Francisco-based cryptocurrency exchange announced on Thursday it was to offer UK customers same-day deposit and withdrawal services in British pounds.

Coinbase exchange launches fiat services in UK pounds

The exchange announced the move on its blog on Medium, telling customers that starting on Thursday, 2 August, it would begin rolling out British pound (GBP) support for UK-based customers of Coinbase, Coinbase Pro and Coinbase Prime – its three platforms for retail investors, professional traders and institutions respectively.

Lengthy process

Before adding GBP to its roster of fiat currency support, alongside the dollar and euro, the process of converting bitcoin, bitcoin cash, ethereum and litecoin into euros and then into pounds required an international bank transfer that took several days.

“We’ve worked hard over the last few months to add GBP support for Coinbase customers across several of our product offerings in the UK,” said Zeeshan Feroz, chief executive at Coinbase UK.

“We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space.”

UK bank account

Indeed, the company has been granted an e-money licence by the Financial Conduct Authority for its fiat operations, and in March the exchange opened a bank account with Barclays in preparation for its support of the pound.

Coinbase is also now a member of the Faster Payment Scheme, aimed at reducing transaction times in the UK.

“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,” added Feroz.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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