Coinbase Adds British Pound for UK Crypto Users

Crypto exchange Coinbase will now support British pounds (GBP) for its UK customers, the firm announced Wednesday.

AccessTimeIconAug 1, 2018 at 11:00 p.m. UTC
Updated Sep 13, 2021 at 8:14 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchange Coinbase is now offering deposits and withdrawals denominated in the British pound (GBP), the firm announced Wednesday.

The exchange's U.K. division will now offer same-day deposits and withdrawals from the platform, allowing transfers to happen almost immediately. In a statement, Coinbase U.K. chief executive Zeeshan Feroz wrote that this system will replace the previous method, which had customers convert cryptocurrencies into euros before converting a second time into pounds.

The old process took several days, he said, an aspect that the new process will skip altogether.

Feroz explained:

"Customers will now be able to deposit and withdraw pound sterling and use it to directly buy and sell cryptocurrency – for the first time. Customers will not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from GBP to euros and vice versa to add and remove funds, there will be no more exchange rates."

The rollout of this new system is ongoing. Several customers already have access to GBP wallets, and all U.K. customers will receive access over the next few weeks.

Both individual and institutional customers will benefit, Feroz said, adding that the new wallets "will allow investors to make almost immediate transfers, an essential feature for traders and hedge funds who need to be able to enter and exit their positions quickly."

More broadly, he noted that the exchange is working on expanding its services in both the U.K. and the EU, citing the e-money license the firm received earlier this year.

British pounds image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.