On Wednesday, August 1, crypto exchange Coinbase has revealed that its customers from the UK can now purchase Bitcoin and other altcoins by using their native fiat currency, the British Pound.
Prior to this announcement, users could only keep their fiat funds only in euros, not having the option of pound sterling. This meant that when you buy Bitcoin and other digital assets on Coinbase, you would have had to wait several days before the process was completed and you had to pay additional foreign exchange fees.
Regarding the addition, Coinbase posted on Twitter the following:
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.
The CEO of Coinbase UK, Zeeshan Feroz, stated:
“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 stated that it will be offering support for GBP and the following trading pairs: GBP/BTC and GBP/ETH. With this new trading option, the crypto exchange hopes that it will attract more professional traders to its platform.
“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,” explained Zeeshan Feroz.
This new listing of British pounds (GBP) could also lead to an increase in the volume of cryptocurrency transactions in the United Kingdom, which is ranked 5th on a global economic scale.
The exchange gave hints last month that it had plans of expanding its list of digital assets available for trading operations. Because the current regulations regarding cryptos are quite ambiguous in the country, the company only has listed Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.