Starting today, we’ll begin rolling out British pound (GBP) support for UK-based customers of Coinbase (individuals), Coinbase Pro (active traders) and Coinbase Prime (institutions).
This will enable faster payments with same day deposits and withdrawals from Coinbase to British bank accounts.
Until now, the process of converting bitcoin, bitcoin cash, ethereum and litecoin into euros and then into pound sterling, via international bank transfer, took several days. Customers will now be able to transfer pound sterling and use it to directly buy and sell these cryptocurrencies.
We’ve worked hard over the last few months to add GBP support for Coinbase customers across several of our product offerings in the UK. We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space. These steps include obtaining an e-money license for our fiat operations from the Financial Conduct Authority (FCA), adding support for the Faster Payment Scheme, and becoming the first cryptocurrency trading platform to obtain a bank account with a major UK bank.
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, Coinbase Pro and Coinbase Prime GBP support is now live for some of our existing customers, and we will continue rolling this out to all UK customers in the coming weeks.