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.
"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