In an announcement on Wednesday, August 1, Coinbase stated that Bitcoin and altcoins can now be purchased with the fiat currency British Pound by its UK users.
Up until the announcement the UK customers need to have their fiat funds in euros instead of pound sterling. This resulted in customers having to wait several days and deal with foreign exchange fees when purchasing cryptos on Coinbase.
On Twitter the company posted:
“Starting today, Coinbase customers in the UK will be able to seamlessly move GBP in and out of their accounts using the Faster Payments service. In most cases, this will mean almost instant access to funds.”
The CEO of Coinbase UK, Zeeshan Feroz, said:
“We’ve worked hard over the last few months to add GBP support for Coinbase customers across several of our product offerings in the UK. We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space. These steps include obtaining an e-money license for our fiat operations from the Financial Conduct Authority (FCA), adding support for the Faster Payment Scheme, and becoming the first cryptocurrency trading platform to obtain a bank account with a major UK bank”.
Coinbase also came out with GBP trading pairs which include GBP/BTC and GBP/ETH. The company surmises that professional traders will be interested in the new offerings.
Zeeshan Feroz added:
“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.”
The UK being the fifth largest economy in the world will open up Coinbase to much larger volume of transactions with the new support of the British Pound.
Currently due to the regulation not being finalized, the company is currently only offering Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. However it has been noted that Coinbase has hinted at expanding their listing for cryptocurrencies.