On 2nd August, digital currency exchange platform Coinbase announced on their official Twitter handle that platform would begin Great British Pound [GBP] support for all their UK customers starting today.
The move was taken to facilitate swifter payments of deposits and withdrawals such that it would occur within the same day of the exchange. Funds from the Coinbase platform would then reach British bank accounts without any hassle.
Coinbase’s Official announcement | Source: Twitter
The San Francisco-based exchange stated that the support will extend to individual Coinbase customers, Coinbase pro [active traders] and Coinbase Prime [institutions] customers.
The process of conversions so far involved converting cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH] into Euros. The Euros would then be converted to Pound Sterling [official currency of the UK] through International Bank Transfer which took a significant number of days to complete.
Coinbase on their official Medium blog stated:
“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. “
They went on to add:
“We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space.”
Coinbase has been making various changes to its organizational structure, acquired several companies under their banner and is now rolling out new additions to their online platform.
The company had recently announced that they hired former Global Head of Perishing LLC, Jeff Horowitz to the post of Chief Compliance Officer in a bid to navigate regulations in cryptocurrency organizations.
Twitter user, PlanetPokiewood, commented:
“Thank you @coinbase – This is great news for your U.K. customers.”
Another Twitterati, CEOofDogecoin added:
“I hodl a small amount of $GBP. The Queen Elizabeth meme is classic and so this token has some eternal value, but thanks to their idiot politicians who pushed Brexit I am sitting on a loss.”
WhataCharles, a Twitter user remarked:
“Just get XRP on there already, it’s getting a bit petty given there bahgillion pieces of good news over the past year!”
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