Crypto Exchange Coinbase Adds British Pound for UK Customers

Chirayu Choubisa

August 2, 2018 4:33 pm

Cryptocurrency Exchange

Crypto Exchange Coinbase Adds British Pound for UK Customers | Coindelite News
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Coinbase announced on Monday; they are now offering deposits and withdrawals denominated in British Pounds (GBP).

The U.K. division of the exchange will now offer same-day deposits and withdrawals from the platform, enabling transfers to happen instantly. In a statement, Mr. Zeeshan Feroz, Chief Executive of Coinbase U.K. wrote that this system would replace the previous method, which had users convert digital currencies into euros before converting a second time into Pounds.

The earlier process took several days, and he stated, an aspect that the new process will skip altogether.

Zeeshan Feroz clarified:

“Customers will now be capable of depositing and withdrawing pound sterling and use it to directly purchase and sell digital currency – for the first time. Clients will not 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 roll-out of this new system is ongoing. Many users already have access to GBP wallets, and all UK users will get access over the next few weeks.

Zeeshan Feroz stated, both individual and institutional customers will benefit, adding that the new wallets “will enable investors to make almost instant transfers, an important feature for traders and hedge funds who need to be ready to enter and exit their positions quickly.”

More broadly, he noted that the exchange is working on extending its services in both the U.K. and the EU, quoting the e-money license the firm received prior this year.

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