Coinbase, the cryptocurrency exchange from San Francisco announced on August 1, 2018, that they are accepting the British pounds from now on. So, the Coinbase users now won’t have to bear the grunt of exchange fees while investing in cryptocurrencies.
A New Beginning
From August 1, 2018, the customers of Coinbase will be able to trade in bitcoin and other cryptocurrencies through British pounds. The UK-based customers of Coinbase, Coinbase Pro, and Coinbase Prime will be able to make the payments faster and will also enjoy the same day withdrawal, and deposit to British Bank accounts from Coinbase.
Till date, the UK customers were facing a hard time with the SEPA fees or the exchange rates that have hit an all-time of ten euro per transaction.
Coinbase has somehow managed to convince the otherwise conservative British Banks to believe in their vision and come on board and offer access to the world’s fifth biggest economy’s domestic banking.
Presently the GBP support is available for the existing customers of Coinbase, but soon it will be available for all the UK customers.
Coinbase Supports GBP
It is not easy to capture the world’s fifth biggest economy. The support for GBP by Coinbase will now earn them a higher volume of cryptocurrency transactions in British territory. Soon, the Coinbase customers will have access to GBP trading pairs, the GBP-Ethereum and the GBP-Bitcoin.
Coinbase is hoping that their new offerings will become a huge hit amongst the professional cryptocurrency traders. These two above mentioned trading pairs govern the movement in the global foreign exchange market, so Coinbase is aiming to capture the market through the traders making bets on currency movement.
They won’t stop at that. They are intending to add Basic Attention Token, Zcash, Ox, Cardano, and Stellar Lumens to their list. The customers from Europe and the UK will be the first ones to enjoy the tokens due to the tight regulatory restraints.
According to Zeeshan Feroz:
“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 now 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.”
The hedge funds and traders need the liberty to enter and also exit quickly from their positions. The new wallet will prove beneficial to the individual customers and the institutional customers alike. Gone are the days when the process of conversion from Bitcoin, Litecoin, Ethereum Cash, and Bitcoin Cash in euros and then again in pound sterling took several days through international bank transfer. Now the customers can enjoy real-time transfer of pound sterling and use them directly to sell or buy the available cryptocurrencies of their choice directly..
Coinbase is the first trusted cryptocurrency trading platform to attain the bank account in a key UK bank.