In addition, UK customers will now be able carry out same-day deposits and withdrawals, just like their SEPA (Single Euro Payments Area) enrolled counterparts.
The process used to take several days because crypto funds had to be transferred into Euros and then transferred into GBP; the new system essentially cuts out the middleman, so to speak, so UK users can expect a speedy service from now on.
Indeed, while the official line is ‘same-day’ deposits and withdrawals, in most cases, as with Euros, transfers will take place almost immediately.
Zeeshan Feroz (picutured below), Coinbase’s chief executive in the UK, also highlighted the reduced cost of transactions, under the new system.
He said: "Customers will now be able to deposit and withdraw pound sterling and use it to directly buy and sell cryptocurrency – for the first time.
“Customers will not only benefit from increased speed, but reduced cost as well.
“By no longer having to convert funds from GBP to euros and vice versa to add and remove funds, there will be no more exchange rates."
In a recent blog post, Coinbase also said it is considering adding support for Cardano, Basic Attention Token, 0x, Stellar Lumens, and Zcash.
Coinbase’s full blogpost re GBP
Starting today, we’ll begin rolling out British pound (GBP) support for UK-based customers of Coinbase (individuals), Coinbase Pro (active traders) and Coinbase Prime (institutions). This will enable faster payments with same day deposits and withdrawals 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.
We’ve worked hard over the last few months to add GBP support for Coinbase customers across several of our product offerings in the UK. We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space. These steps include obtaining an e-money license for our fiat operations from the Financial Conduct Authority (FCA), adding support for the Faster Payment Scheme, and becoming the first cryptocurrency trading platform to obtain a bank account with a major UK bank.
Faster payments will benefit all UK customers, enabling almost immediate transfers. This is essential for Coinbase Pro and Coinbase Prime customers in particular who will now be able to transfer funds quickly.
Coinbase, Coinbase Pro and Coinbase Prime GBP support is now live for some of our existing customers, and we will continue rolling this out to all UK customers in the coming weeks.
If you’d like to get started with your GBP payments, visit coinbase.com to log in or open your account today.
For more information about Coinbase Pro, visit pro.coinbase.com
If you’re an institution looking to get started on Coinbase Prime, connect with us at prime.coinbase.com