Coinbase, one of the favourite exchanges, has announced that it is now offering deposits and withdrawals for the pound sterling (GBP), thus opening it up to a new British customer base.
The exchange has a UK division that will now offer same-day deposits and withdrawals from the platform, allowing almost instant transfers. Zeeshan Feroz, Coinbase UK’s CEO, made a statement announcing that this system will replace the previous method, where UK customers had to convert cryptocurrencies into euros before converting a second time into pounds.
The old process took several days to complete a transaction, but Feroz explained how the new system would work so much more efficiently: “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 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 new product is in the process of being rolled out, but all UK customers should have the new GBP wallet within the next couple of weeks. Feroz also said that both individual and institutional customers would benefit, adding that the new wallets “will allow investors to make almost immediate transfers, an essential feature for traders and hedge funds who need to be able to enter and exit their positions quickly.”
It seems that Coinbase has plans to expand its UK operations as Feroz also hinted at future plans for both Britain and Europe thanks to the e-money license it received earlier this year, but he wasn’t explicit about what form the developments would take. Looks like we’ll have to wait and see what direction Coinbase is travelling in on the European side of the Atlantic.