Coinbase has tapped open banking technology from TrueLayer to deliver real-time instant deposits to UK users.
Within week's, users will be able to link their bank account directly to Coinbase and begin making near instant deposits without the need to manually enter their bank account details.
By selecting the 'Easy Bank Transfer' option when adding funds to their account, users can authenticate their payment directly from their mobile banking app, confirm their payment, and then be redirected back to Coinbase.
Francesco Simoneschi, co-founder and CEO at TrueLayer, says: “Payment methods like cards and manual bank transfer don’t support an efficient fiat to crypto on ramp. That creates a poor user experience and unnecessary operational overheads for exchanges. Unencumbered by legacy, open banking payments powered by TrueLayer are digitally native, delivering a faster, more convenient way to pay that is better at protecting against fraud, and less costly for businesses.”