Barclays and CoinBase – Partnership and UK License
CoinBase now has a UK account with Barclays and an e-money license by the U.K. regulator the Financial Conduct Authority (FCA), and adds support for the Faster Payments Scheme (FPS).
This is the first time a Crypto Currency exchange has been granted a license and UK bank account and will enable CoinBase to greatly improve its UK service and hence grow its client base.
CoinBase which has over 13m customers world wide is one of the largest Crypto Currency exchanges with a considerable UK presence. Now CoinBases UK users will experience much faster processing of payments and quicker withdrawing of funds. Previously CoinBase had been going through an Estonian bank which took a number of days to complete transactions.
“U.K. customers will benefit from faster, safer and seamless bank transfers. We will start with a pilot, giving a small number of institutional users access to Faster Payments. In the coming weeks, we will begin rolling out to all U.K. customers, making the Coinbase experience increasingly easier,” Zeeshan Feroz, U.K. CEO at Coinbase, posted on the CoinBase blog.
Previously UK users had to withdraw into Euros and then change back to British pounds which left them stung with currency exchange fees. Now it will all be done in native currency.
The e-money license, the FCA granted, will extend to 23 countries within the European Union.
Feroz said that the EU grew “twice as fast as any of our other markets in 2017” and the U.K. is its largest market in the bloc. He said that the company plans to grow its London team by roughly eight times by the end of the year.