UK-based users of Coinbase cryptocurrency exchange can now buy cryptocurrencies from the exchange using the British Pound (GBP). Coinbase announced Wednesday via a blog post.
According to the announcement, the UK users will now be able to make deposits and withdrawals in the British Pound.
Before now, UK-based customers had to take the long and arduous route of converting their cryptocurrencies first to Euros before converting into pounds, a process that takes days according to the statement.
The CEO of Coinbase’s UK Division, Zeeshan Feroz assured that the UK customers need not worry about converting to Euros as they can now cash out in GBP. He explained:
“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 addition, the users will enjoy faster payments with same-day deposits and withdrawals to their British Bank accounts from the platform.
Coinbase says the support will be available for individual customers as well as Coinbase Pro and Coinbase Prime suited to active traders and institutions respectively. The exchange’s products are being rolled out gradually and are expected to reach all UK customers in a few weeks.
Coinbase Making It Easier to Access Cryptos
Coinbase, headquartered in San Francisco, California is growing its crypto empire, and expanding its services to users globally. Feroz explained that the exchange is making remarkable progress on its UK frontier, notably obtaining an e-money license from UK’s Financial Conduct Authority (FCA).