Bitcoin Global News (BGN)
June 26, 2018 -- ADVFN Crypto NewsWire -- Coinbase UK CEO Zeeshan
Feroz spoke at the recent CryptoCompare & MJAC’s London
Blockchain Summit, where he shared that the company will add
support for GBP wire transfers “in the next few weeks.”
Faster and Removing
Unnecessary Fees
Currently, Coinbase uses Estonian
bank LHV to process payments, but they are all made in euros (EUR).
Whenever a user a makes a GBP deposit or withdrawal, Coinbase
converts the funds to EUR. Further, if a user withdraws to an
account denominated in GBP, they may incur additional fees for
foreign currency transactions.
The biggest thing for me is rolling
out access to faster payments for UK consumers (…) 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. - Zeeshan
Feroz
UK Market and
Licensing
Coinbase received an e-money
license from the UK’s Financial Conduct Authority (FCA) earlier
this year by opening an account with Barclays. This let the
exchange support GBP payments, and join the Faster Payments Scheme
(FPS).
Feroz also pointed out that the UK
market is the largest one in Europe. Only a fractional percentage
of Bitcoin exchange is currently done in GBP. However, this new
service from Coinbase could change that.
Additional
Coins
At this time Coinbase supports
Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. When asked about the
possibilty of adding new coins to the platform, Feroz referenced
the newly-acquired decentralized exchange:
We will start to take a
product-specific view in terms of the regulatory profiles of coins
and the service they’re providing and if that allows us to extend
it beyond the four coins we have. You will see our businesses as
they grow, the coins supported will maybe diverge. One example of
that is Paradex which today is live in Europe with eight coins. -
Zeeshan Feroz
Last month Coinbase announced they
would support ERC-20 tokens. They have also entered the path to
offer SEC-regulated crypto securities by acquiring Venovate
Marketplace Inc, Keystone Capital Corp, and Digital Wealth
LLC.
By: BGN Editorial Staff
News:
Coinbase
Cryptocurrencies
Bitcoin
(BTC)
Bitcoin Cash
(BCH)
ERC20 Token
Litecoin
(LTC)
Ethereum
(ETH)