Coinbase has announced that it has finally gotten a secure bank account with a multinational financial company that is UK based. The banking sector is also not being left behind of this crypto market. The partnership between Barclays and Coinbase comprises of their first agreement that was reached.
Coinbase Opens an Account
Coinbase ability to open an account with the significant financial company has been hailed as such a big success. The deal is described as the first kind of partnership between a cryptocurrency exchange and one of the major U.K banks.
Zeeshan Feroz chief executive of Coinbase in the UK, said that for the company to have GBP payments with the bank will significantly reduce their costs of operation, it will improve the overall experience of the customer and even make these transactions much faster. He also adds that this is an essential step the company has taken toward committing in making the cryptocurrency available to all investors.
He also adds, coming to this remarkable agreement has had lengthy discussions between the company and the bank. The reason being, the bank wanted to see evidence that there are robust anti-money laundering processes that have been put in place. It is clear this is a whole new market for the Bank, so there is a lot that needed to be understood before getting into the partnership.
There Will Be Simplified Fiat Withdrawals and Deposits For the UK Customers
The incredible announcement comes just after Coinbase was granted the e-money license, this is by the UK Financial Conduct Authority, meaning this company is honestly going places. What it means, with the license it grants the company a faster payment scheme, meaning this will help in streamlining fiat deposits and withdrawals for the UK customers.
Mr Feroz further adds that the new banking service will gradually be introduced to the UK traders. As a result, the UK customers will be able to enjoy several benefits. That is faster, seamless and safer bank transfers than ever before. A pilot will be initiated, which will give just a handful of institutional users the access to this faster payment option.
Once the pilot proves to be a success, the service will be rolled out to all the UK customers. As a result, this will surely make the Coinbase platform much more comfortable and faster for the various users.
The partnership between the company and the bank is a clear indication that cryptocurrencies are being accepted around the world. It is especially so on the mainstream banking institutions that are in the UK. Additionally, the announcement also comes a few weeks after Britain’s Treasury Select Committee stated it would launch an inquiry the various distributed ledger technologies and cryptocurrencies.
Nicky Morgan, who is the chair of the committee noted that more and more individuals are becoming more aware of cryptocurrencies. The only thing that people might not be aware of is that these coins are not regulated in the UK, meaning there is no proper protection put in place for these investors, something that will need to be looked into.
Big Things Are Happening All Thanks To Cryptocurrencies
With this remarkable partnership between the bank and Coinbase, it is clear cryptocurrencies are taking over the industries one after the other. The only question is will you watch on the sidelines or also join on this investment wagon?