Coinbase Reveals Partnership With Barclays Bank

March 19, 2018
205 Views



Coinbase Reveals Partnership With Barclays Bank

Coinbase has revealed that it has obtained a bank account with major U.K-based multinational financial services company, Barclays. The partnership comprises the first agreement reached between a leading U.K bank and a cryptocurrency exchange.

Also Read: Secretive High-Tech Wall Street Trading Firm is Now Trading Bitcoin

Coinbase Opens Account With Barclays

Coinbase Reveals Partnership With Barclays BankThe opening of an account with Barclays has been hailed as a major accomplishment by Coinbase, who have described the deal as comprising the first partnership between a major U.K bank and a cryptocurrency exchange.

The U.K chief executive officer of Coinbase, Zeeshan Feroz, stated that “Having domestic GBP payments with Barclays reduces the cost, improves the customer experience…and makes the transaction faster,” adding “We believe that this is an important step towards our commitment to making cryptocurrency accessible to everyone.”

Mr. Feroz has indicated that coming to an agreement with a UK bank has been a lengthy process, with Barclays wishing to see evidence of robust anti-money laundering processes. “It’s a completely brand new industry. There’s a lot of understanding and risk management that’s needed,” Mr. Feroz said.

Coinbase Simplifies Fiat Deposits and Withdrawals for U.K Customers

Coinbase Reveals Partnership With Barclays BankThe announcement comes shortly after Coinbase was granted an e-money license by the UK Financial Conduct Authority. The license grants Coinbase access to the Faster Payments Scheme, which will streamline the processing withdrawing and depositing fiat currency with Coinbase for the company’s U.K customers.

Mr. Feroz has indicated that Coinbase will gradually introduce the new banking services to U.K traders, stating that “U.K. customers will benefit from faster, safer and seamless bank transfers. We will start with a pilot, giving a small number of institutional users access to Faster Payments. In the coming weeks, we will begin rolling out to all U.K. customers, making the Coinbase experience increasingly easier.”

Whilst the partnership signals growing acceptance of leading cryptocurrency companies on the part of mainstream banking institutions in the U.K, the announcement comes weeks after Britain’s Treasury Select Committee revealed it would launch an inquiry into cryptocurrencies and distributed ledger technologies. The chair of the Treasury Committee, Nicky Morgan, stated that “People are becoming increasingly aware of cryptocurrencies such as bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors.”

Do you think that more leading banks will begin to partner with cryptocurrency exchanges? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


Need to calculate your bitcoin holdings? Check our tools section.

The post Coinbase Reveals Partnership With Barclays Bank appeared first on Bitcoin News.



Source link

You may be interested

Sally Ho’s Technical Analysis 26 April 2019 – Crypto Daily
Litecoin News
14 views
Litecoin News
14 views

Sally Ho’s Technical Analysis 26 April 2019 – Crypto Daily

Editor - April 26, 2019

[ad_1] Sally Ho's Technical Analysis 26 April 2019  Crypto DailyBitcoin (BTC/USD) managed to reclaim a little bit of lost ground in…

Crypto Analysts Warn Bitcoin (BTC) Trend Could Burn Ethereum, XRP, Litecoin, Stellar, Bitcoin Cash and Cardano in Altcoin Reversal – The Daily Hodl
Litecoin News
33 views
Litecoin News
33 views

Crypto Analysts Warn Bitcoin (BTC) Trend Could Burn Ethereum, XRP, Litecoin, Stellar, Bitcoin Cash and Cardano in Altcoin Reversal – The Daily Hodl

Editor - April 26, 2019

[ad_1] Crypto Analysts Warn Bitcoin (BTC) Trend Could Burn Ethereum, XRP, Litecoin, Stellar, Bitcoin Cash and Cardano in Altcoin Reversal  The…

(BTC) Bitcoin Price Prediction 2019 / 2020 / 5 years (Updated 04/25/2019): BTC/USD Drops from $5600 – BeInCrypto
Litecoin News
32 views
Litecoin News
32 views

(BTC) Bitcoin Price Prediction 2019 / 2020 / 5 years (Updated 04/25/2019): BTC/USD Drops from $5600 – BeInCrypto

Editor - April 25, 2019

[ad_1] (BTC) Bitcoin Price Prediction 2019 / 2020 / 5 years (Updated 04/25/2019): BTC/USD Drops from $5600  BeInCryptoHow will Bitcoin (BTC)…

Leave a Comment

Your email address will not be published.