According to an official announcement on Oct. 3, U.S. crypto exchange Coinbase has restored GBP transfers for its UK clients.
Coinbase also introduced complete assistance to GBP wallets for five fresh crypto resources — Basic Attention Token (BAT), 0x (ZRX), Augur (REP), Stellar (XLM) and XRP — the transfer was announced the same day. Clearbank is the fresh banking partner of Coinbase.
Initially, Coinbase had carried out GBP assistance in 2018 after receiving an e-money permit from the UK Financial Conduct Authority for fiat currency activities. In conjunction, by opening an account at the London-based banking giant Barclays, it acquired access to the UK’s Faster Payments Scheme (FPS). Barclays allegedly cut off this connection, leaving U.K. Coinbase customers waiting days for GBP payments and withdrawals to be processed.
According to a Bloomberg study on Oct. 3, reinstated GBP assistance is supposed to come from a fresh agreement with London-based lender Clearbank. Clearbank’s facilities should now provide near-instant transfers between the United Kingdom, given its membership of the U.K. FPS. Bank.
Coinbase U.K CEO Zeeshan Feroz said that both corporate and retail customers should be prepared to create GBP transfers in less than 60 seconds quickly, but refused to formally verify the name of the fresh banking partner of the platform.
While both Barclays and Coinbase refused to comment on the end of their collaboration formally, Feroz said to Bloomberg:
“It’s a very nascent industry that is broadly unregulated so the challenge a traditional bank has is crypto doesn’t fit into one of its existing models for other industries. Understanding the crypto space and how you manage the risk requires a significant amount of investment and resources.”