Coinbase’s presence in the UK will be strengthened via a new announcement it made on its blog recently. The crypto trading platform will add support for British pounds (GBP) for its UK customers. Trading in GBP pairs will begin at 9 am BST on Sept. 7. The announcement will bring cheers to the platform’s British customers as they won’t have to go through foreign exchange woes anymore.
Faster Processing for UK Customers
Under the Faster Payments Scheme, Coinbase’s British customers will be able to trade cryptocurrencies directly from their native fiat. As trading begins on Friday, Coinbase will become the only trading platform to support UK Faster Payments. The service is available to Coinbase Pro users in the UK only. Customers can now add GBP to their Coinbase accounts using domestic bank transfers. Currently, Coinbase Pro supports BTC-GBP. It will also add ETH-GBP, LTC-GBP, ETC-GBP and BCH-GBP pairs when the trading begins. The exchange suggests that the order books for each pair will go through three stages. The first stage will be post only, where customers can post limit orders for about 10 minutes. The second phase will be limit only, which will run for another 10 minutes, where limit orders will start matching. Finally, in the full trading stage, customers will be able to limit, market and stop orders for the currency pairs. The platform will announce the stage change for each pair in real time on its Twitter account. It also suggests that the duration of any one stage in the order books could be prolonged if an order book doesn’t meet the platform’s assessment of a “healthy and orderly market.”
Coinbase’s Journey in the UK
After becoming the largest exchange in the US, Coinbase is focusing its energies on the UK. In a previous blog post, the company wrote that it wants to be a “trusted and compliant” brand in the crypto space. It obtained an e-money license from the Financial Conduct Authority (FCA), which helped it use the Faster Payment Scheme. The company wrote at the time:
“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 was also the first crypto trading service to strike a banking deal with a major British bank.