Coinbase yesterday announced a roll out of services that support buying cryptocurrencies with British pounds (GBP) for UK-based customers. Services include faster payments with same day deposit and withdraw 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.”
The same day deposits and withdrawals are made possible by Coinbase gaining access to the U.K.’s Faster Payments system. This system is thought to be most useful for traders and institutional accounts who can enter or exit a position with greater speed.
“UK banks have been conservative in terms of working with crypto businesses and we’re proud to be one of the first companies to get access to domestic banking,” said Zeeshan Feroz, the CEO of Coinbase UK.
The services are now live for some the existing customers of Coinbase and will continue to roll out to all UK customers in the coming weeks.