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.

Aug 1, 2018 at 11:00 p.m. UTC
Updated Sep 13, 2021 at 8:14 a.m. UTC

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

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Bitcoin Sees Weakness at $29K as Traders Assess Fed Minutes

The largest cryptocurrency dropped below a support level in the past 24 hours before recovering.

The largest cryptocurrency dropped below a support level in the past 24 hours before recovering.

CoinDesk - Unknown
2
CoinDesk - Unknown
Binance's Bahrain License Upgraded for More Crypto Services

Binance Bahrain was granted a preliminary license in December and full license in March.

Binance Bahrain was granted a preliminary license in December and full license in March.

CoinDesk - Unknown
3
CoinDesk - Unknown
Gaming DAO Merit Circle and YGG Caught in DAO Governance Strife

Merit Circle members want to refund Yield Guild Games' investment and cancel an agreement between the two, claiming there’s not been enough value-add by the gaming guild giant.

Merit Circle members want to refund Yield Guild Games' investment and cancel an agreement between the two, claiming there’s not been enough value-add by the gaming guild giant.

CoinDesk - Unknown
4
CoinDesk - Unknown
Former Binance Execs Create $100M Fund to Spur Crypto Adoption in Emerging Markets: Report

Old Fashion Research was formed by Ling Zhang and Wayne Fu, previously Binance's vice president of M&A and head of corporate development respectively.

Old Fashion Research was formed by Ling Zhang and Wayne Fu, previously Binance's vice president of M&A and head of corporate development respectively.

CoinDesk - Unknown