UK Coinbase users can now invest in Bitcoin with their pounds

Coinbase, the popular San Francisco-based cryptocurrency exchange announced on Wednesday that the users can now buy Bitcoin and other cryptocurrencies with the British Pound. Until now, Coinbase customers had to maintain their fiat funds in euros instead of pound sterling.

Coinbase users in the UK wil not have to convert funds from pounds to euros and vice versa.  Moreover, they’ll get a relief from  exchange rates or SEPA fees — which at time hit €10 per transaction. With Coinbase’s support for British pounds , users will get access to the U.K.’s Faster Payments system. Things will be smooth and fast with this, in fact, customers will now be able to carry out same-day payments as well as withdrawals. This could increase cryptocurrency transactions in the United Kingdom – the world’s fifth biggest economy. Fortune reported.

See also: Coinbase web traffic drops, Ethereum creator Vitalik Buterin says it’s ‘tail end of a crypto bubble’

“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 company shared that it will be starting with GBP trading pairs such as GBP-Bitcoin and GBP-Ethereum in a few weeks. It is to be noted that these pairs are the key instrument how traders place bets on currency movements in global foreign exchange markets. Coinbase expects that the new offerings will also become popular among professional traders.

See also: Who is Jeff Horowitz? Coinbase’s new chief compliance officer

The cryptocurrency exchange hinted last month that its planning to add more cryptos to makes available to customers. So far, Coinbase has only reportedly offered Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. In a recent blog post, Coinbase says it is contemplating the addition of Cardano, Basic Attention Token, 0x, Stellar Lumens, and Zcash. Given the tighter regulatory constraints, it is likely the company will begin offering these tokens first in the UK and Europe.

Other Related Articles

• Ethereum Classic (ETC) attains 48K transactions as Coinbase listing approaches
• Coinbase web traffic drops, Ethereum creator Vitalik Buterin says it’s ‘tail end of a crypto bubble’

Image via Shutterstock

Join our Telegram group