Coinbase’s UK customers can now spend their native currency on crypto, trading pairs will come soon.
In a significant update to its operations in Europe, San Francisco-based cryptocurrency exchange Coinbase, has announced that it is now allowing UK-based customers to buy cryptocurrency in GBP. Previously, all fiat holdings for users from the British Isles had to be in Euros – which lengthened the process for purchases and incurred extra fees.
According to reports, British customers will now benefit from same-day payments and withdrawals.
“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,” Zeeshan Feroz, the CEO of Coinbase UK, is quoted as saying.
The company will apparently begin adding GBP trading pairs in the coming weeks too, a move that the ever-expanding exchange hopes with attract more serious traders.
This is a direct off-shoot of Coinbase’s recent acquisition of a UK e-money license, showing it regulatory compliance for handling customer funds, as well as a pioneering deal to secure British-based banking, apparently through Barclays. Both of these have appeared central to Coinbase’s growth strategy, which is targeting a European market which its analysis says grew twice as fast as any other region for the firm last year.
Coinbase has been in the news a lot recently, having been cleared of involvement in insider trading activities related to the listing of Bitcoin Cash last year; rolling out new payments options for Amazon, Uber and more; and because of rumours that it is the target of a potential takeover by Facebook.