Coinbase announced on Wednesday, August 1, that its UK customers can now buy Bitcoin and other cryptocurrencies with the British Pound.
Until now, users had to maintain their fiat funds in euros instead of pound sterling. This meant the process for buying Bitcoin and other cryptocurrencies on Coinbase took several days and resulted in foreign exchange fees.
Starting today, Coinbase customers in the UK will be able to seamlessly move GBP in and out of their accounts using the Faster Payments service. In most cases, this will mean almost instant access to funds. https://t.co/67DMjc6y89
— Coinbase (@coinbase) 1 August 2018
Zeeshan Feroz, the CEO of Coinbase UK, said in a statement:
“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. We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space. 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”.
The company also said that it will be starting with GBP trading pairs such as GBP/BTC and GBP/ETH. Coinbase expects that the new offerings will also become popular among professional traders.
“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 Zeeshan Feroz.
Coinbase’s support for British pounds (GBP) could also mean a higher volume of cryptocurrency transactions in the United Kingdom, which is the world’s fifth biggest economy.
The cryptocurrency exchange hinted last month that it is planning to expand the number of digital assets it makes available to customers. Due to regulatory uncertainty, the company has so far only offered Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.