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Coinbase Extends Support For GBP Wire Transfers

At the recently held CryptoCompare & MJAC’s London Blockchain summit, UK Coinbase CEO, Zeeshan Feroz stated that going forward the company plans to extend support for GBP transfers in the coming few weeks. For bitcoin and cryptocurrency enthusiasts, this announcement was indeed a welcome move.

Coinbase presently processes its payments via the Estonian bank LHV. However, all payments are made in euros (EUR). In the event of a user making a withdrawal or a GBP deposit, Coinbase converts their funds to EUR. Also when a user withdraws funds to a GBP denominated account, they may end up incurring additional fees for carrying out foreign currency transactions.

Zeeshan mentioned that Coinbase initially plans to roll out access to faster payments for their UK customers and then eventually roll out to their other customers. Going forward UK users will be able to withdraw as well as deposit Sterling into their bank accounts using faster payments.

After opening an account with Barclays, earlier this year, Coinbase received an e-money license from the Financial Conduct Authority (FCA) of the UK. This facilitated Coinbase to join the Faster Payments Scheme (FPS) and also allowed the exchange to support GBP payments.

In his statement Feroz mentioned that the UK market is one of the largest markets in Europe. However, only a minimal percentage of bitcoin exchange is presently carried out in GBP. With this new service, Coinbase will now be able to change that.

According to Bitcoin Global News, Coinbase presently supports Bitcoin Cash, Ethereum, Bitcoin, and Litecoin. Feroz added that they would now take product specific view pertaining to the regulatory profiles of cryptocurrency coins and the services they are providing. They would also see if it allows them to extend beyond the four coins that they presently have. Just last month itself, Coinbase announced extending their support to ERC-20 tokens.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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