Coinbase Adds GBP Support For Easy Withdrawals In The UK

The CEO of Coinbase UK just confirmed that support for GBP (British Pound) is coming soon on the largest cryptocurrency exchange out there. In other words, all users will be able to withdraw and deposit in GBP on Coinbase over the next few weeks.

The Coinbase CEO, Zeeshan Feroz, 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.

Feroz also said that Coinbase will be supporting GBP wires in the next few weeks. Currently, the platform uses the Estonian bank LHV to process payments which are done in Euros. However, UK users have to withdraw Euros from Coinbase using SEPA transfers or via mobile banking apps such as Revolut.

In March this year, Coinbase partnered with the UK Bank Barclays which was the first step towards GBP payments and the Faster Payments Scheme – which also marked one of the first collaborations where a UK bank has agreed to accept money that was previously held as a cryptocurrency.

As Feroz said:

“The biggest thing for me is rolling out access to faster payments for UK consumers. It’s 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’ll 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.”

Right now, about 6% of all Bitcoin transactions are made in GBP and the UK economy is the fifth largest in the world, paving the way to an even more progressive future for cryptocurrencies.

About Coinbase Custody, Feroz said:

“We have had a lot of interest in custody. We have a pipeline of business, we selected a handful that we’re launching with and we will look to add more on. At the minute, we’re restricting the funnel as to how much we can take on until we feel the project is mature and we’ve taken on the first few customers and ironed out the initial kinks. Then we’ll open it up more.”

Feroz also said that while there are plans for regulation, adding new tokens won’t be a process that is on standby. According to him, Coinbase will “continue to look into tokens that are not securities and add them in the future:.