Leading US-based cryptocurrency exchange Coinbase said it is adding British pounds (GBP) to its list of accepted fiat currencies as of Thursday, in a move that will allow faster fiat deposits and withdrawals for its UK-based clients.
Previously, Coinbase users from the UK had to convert their pounds into euro and vice versa to access the trading platform. The transactions were made via international bank transfers, which made the process more complicated and slower, taking several days. Now, British individual investors, active traders and institutions will have deposits and withdrawals from Coinbase to their UK bank accounts processed within less than a day.
In a blog post, Coinbase UK CEO Zeeshan Feroz said the exchange took major steps towards “making Coinbase the most trusted and compliant brand in the space”. He elaborated:
“These steps include obtaining an e-money license for our fiat operations from the Financial Conduct Authority (FCA), adding support for the Faster Payment Scheme, and becoming the first cryptocurrency trading platform to obtain a bank account with a major UK bank,” he added.
The update might help the US crypto exchange increase its trading volume as more UK customers will become interested in choosing its platform over competitors. It favors particularly active traders (Coinbase Pro) and institutions (Coinbase Prime) for whom it is critical to be able to transfer funds quickly.
Coinbase has been growing fast in the last few months. At the end of June, it launched a custody service aimed at attracting institutional investors. The exchange has already attracted about 10 institutional investors to use the service that seeks to secure digital tokens in a manner similar to traditional securities. By the end of the year, it targets to have some 100 large institutional customers with about $5 billion in assets under management. Presently, Coinbase is dealing with over $20 billion in crypto funds for other clients.
In the last few weeks, Coinbase has come with several major announcements, saying it was working to add five cryptocurrencies, including Cardano (ADA) and Stellar (XLM), and launching a digital gift cards feature in partnership with WeGift.
On Tuesday, Coinbase announced the appointment of Jeff Horowitz as chief compliance officer. Previously, Horowitz worked for BNY Mellon’s Pershing, Citigroup, and Goldman Sachs among others. He was also a banking regulator with the Federal Deposit Insurance Corporation (FDIC).