Coinbase Move Towards Primary Banking with New Support for Sterling

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Coinbase Move Towards Primary Banking with New Support for Sterling

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Coinbase has made another change to its platform making it easier for UK users to deposit and withdraw UK pounds.

The current system has caused frustrations for users particularly those that have UK bank linked to their account and wish to deposit the proceeds of a transaction changing Bitcoin, Ethereum or Litecoin into sterling.

The current process requires users to transfer their cryptocurrency into sterling, then pay into a euro account on the Coinbase platform and only then transfer the funds in Euros to a UK account, incurring SEPA transfer fees and losing money on the exchange as the euros then get changed back into pounds sterling.

The new system was introduced due to numerous complaints regarding Coinbase’s lack of a user-friendly system. Users complained about the difficulties in withdrawing as opposed to depositing. The exchange clearly prefers clients to either buy cryptocurrency with money on the exchange or deposit their funds rather than leave it on the platform which is always a risk due to potential hackers but needs to speed up its process.

The new system, which apparently will not be available to all users immediately, was described by Coinbase UK’s chief executive Zeeshan Feroz as being “progress towards becoming a primary bank account”.

It is suggested that sterling support will mean Coinbase users get access to the UK’s Faster Payments system offering same day deposits and immediate transfers. Coinbase had previously partnered with UK bank Barclays and currently allows most banks to transfer funds into UK accounts.

Last week, the San Francisco Exchange introduced a digital gift card program aimed at revamping old business models, offering European clients other ways of accessing cash for crypto. Many potential clients are dissuaded from signing up to platforms such as Coinbase due to lengthy verification processes, sometimes waiting many weeks before a user’s bank can be verified and linked for payments.

 

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