Business & Finance

British Pound Support Added by Coinbase UK

Coinbase, one of the world’s leading cryptocurrency exchanges, has now added support of British pound (GBP) in its framework and with this withdrawals and deposits can be made easy using the GBP.

This comes as a welcome sign for the cryptocurrency users in the UK market. With this support incorporated, the users will be able to perform their same-day deposits and withdrawals on the exchanges almost instantly. Previously, the users of the UK market had to keep their money in the form of Euros instead of pounds before using them at the exchanges.The process of buying the bitcoins for a normal user took a long time in processing and was burdened with a significant foreign exchange fee. With this upgrade made by Coinbase, customers now have the capability to perform same-day deposits and withdrawals.

The chief executive officer of Coinbase UK, Zeeshan Feroz stated that:

UK banks have been conservative in terms of working with crypto businesses and we’re proud to be one of the first companies to get access to domestic banking.

Being the world’s fifth biggest economy, this step will also result in overall higher volume transactions in the cryptocurrency market. In the coming weeks, the addition of GBP trading pairs like GBP-Bitcoin and GBP-Ethereum has also been planned by the organization.

In regards to expanding its digital asset base, the company announced that it will be adding the support of Cardano, Basic Attention Token, 0x, Stellar Lumens, and Zcash in its framework very soon. As regards to the initial roll out, the launch of this support is expected to roll out in UK and Europe first. It was stated in a blog post by Coinbase that:

Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.

It was stated by the CEO of Coinbase UK that the new system will not be replacing the old system with no more requirement of converting the British pound into euros first. As a result the halt that took place for several days in regards to the crypto, payments and withdrawals will now be reduced significantly. He stated that:

Customers will now be able to deposit and withdraw pound sterling and use it to directly buy and sell cryptocurrency – for the first time. Customers 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.

It is seen as a great initiative taken by Coinbase on such a grand scale. As the traders and hedge funds need to enter and exit their position almost instantly, the support for immediate transfers added by Coinbase for GBP was inevitable. Several users in the UK already have the access to the GBP wallets and in the next few weeks all the customers in UK will get the access, as stated by Coinbase. Regarding the access of wallets and easy of trading now provided, Feroz stated that the new wallets:

…will allow investors to make almost immediate transfers, an essential feature for traders and hedge funds who need to be able to enter and exit their positions quickly.

He also stated that after getting the e-money license earlier this year, Coinbase is aiming at expanding its services provided in Europe and United Kingdom.

We are committed to making sure customer funds are always secure and this update means that our e-money operations have safeguards and operational standards at par with other regulated financial institutions. An example of this is segregation of client funds, where all customer fiat balances will be separated from Coinbase’s funds and kept in separate bank accounts.

Recently, Coinbase has also been active in expanding and strengthening its roots in the cryptocurrency world. The hiring of a chief compliance officer this past Tuesday was also a step in that direction.

As Coinbase — along with the cryptocurrency space as a whole — grows and matures, continued regulatory compliance across all the varying jurisdictions globally will be critical. Adding Jeff to our team is one more important step along this journey.

All in all, as a result of the company’s intention of expanding its cryptocurrency framework, the addition of the British pound (GBP) has been another step in that direction. With the incorporation of adding GBP in its pipeline, the playground for the cryptocurrency users across UK has been left wide open.

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Ahsan Khalid

News editor of BlockPublisher, an electrical engineer with majors in software development. Ahsan takes the engineer's approach for reporting legislation around the blockchain industry. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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