{"id":337106,"date":"2018-06-28T07:00:14","date_gmt":"2018-06-28T07:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=337106"},"modified":"2018-07-20T13:27:49","modified_gmt":"2018-07-20T13:27:49","slug":"coinbase-adding-gbp-support-next-weeks","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ai-and-tech\/coinbase-adding-gbp-support-next-weeks\/","title":{"rendered":"Coinbase Adding GBP Support in July to Ease Withdrawals in UK"},"content":{"rendered":"
The Coinbase UK CEO has confirmed that support for GBP withdrawals and deposits will be rolled out over the next few weeks. In an interview with NewsBTC, he also said that Coinbase Custody has had a ‘lot of interest’ and that they have had to restrict how many investors they can take on.<\/p>\n
Coinbase UK CEO Zeeshan Feroz said that Coinbase will be supporting GBP wires in the next few weeks. At present, Coinbase use Estonian bank LHV to process payments which are all done in euros. UK users have to withdraw euros from Coinbase using SEPA transfers or via mobile banking apps such as Revolut.<\/p>\n
In March, Coinbase partnered<\/a> with UK bank Barclays which opened them up to both GBP payments and the Faster Payments Scheme<\/a>. This is one of the first collaborations where a UK bank has agreed to accept money that was previously held as a cryptocurrency.<\/p>\n Feroz told NewsBTC: “The biggest thing for me is rolling out access to faster payments for UK consumers. It\u2019s been a huge challenge for us and I think it was a good result for us to get access to that. Over the next few weeks, we\u2019ll be rolling that out for all customers. UK users will be able to deposit Sterling and withdraw Sterling out into their bank accounts using faster payments.”<\/p>\n Currently, 6% of Bitcoin transactions<\/a> are made in GBP and the UK economy is the fifth largest by GDP. Feroz has previously pointed<\/a> out that the UK market is the largest in Europe. However, Coinbase is not just looking to attract individuals but have recently launched a suite of products aimed at institutional investors.<\/p>\n On Coinbase Custody, he said: “We have had a lot of interest in custody. We have a pipeline of business, we selected a handful that we\u2019re launching with and we will look to add more on. At the minute, we\u2019re restricting the funnel as to how much we can take on until we feel the project is mature and we\u2019ve taken on the first few customers and ironed out the initial kinks. Then we\u2019ll open it up more.”<\/p>\nHuge Interest by Institutional Investors<\/h2>\n