Coinbase Now Offering British Pound Transaction Support for UK-Based Customers


A new blog post by Coinbase reveals that the popular cryptocurrency exchange will now be offering British Pound transaction support for UK-based customers.

“Starting today [August 1st], we’ll begin rolling out British pound (GBP) support for UK-based customers of Coinbase (individuals), Coinbase Pro (active traders) and Coinbase Prime (institutions),” reads the blog post. “This will enable faster payments with same day deposits and withdrawals from Coinbase to British bank accounts. Until now, the process of converting bitcoin, bitcoin cash, ethereum and litecoin into euros and then into pound sterling, via international bank transfer, took several days. Customers will now be able to transfer pound sterling and use it to directly buy and sell these cryptocurrencies.”

Coinbase describes the process of bringing GBP support to the UK as a several-month journey that took a great deal of work. The blog post also announces that Coinbase has obtained an e-money license from the Financial Conduct Authority for its fiat operations. This will add further support in Coinbase’s “Faster Payment Scheme” as it attempts to become “the first cryptocurrency trading platform to obtain a bank account with a major UK bank.”

“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.”

Coinbase, Coinbase Pro and Coinbase Prime GBP is now available to some preexisting customers. Coinbase plans on completing its UK rollout for all users in a few weeks time.

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