Coinbase Reinstates Support For British Pound For UK Customers

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US-based cryptocurrency exchange Coinbase reinstated support for British Pound (GBP) on their platform. This will enable easier and faster trading in cryptocurrencies such as Bitcoin and Ethereum for its UK-based customers.

In July, Coinbase had suspended support for Faster Payments Scheme (FPS) for domestic GBP deposits and withdrawals. It reportedly fell out with its relationship with UK lender Barclays Bank plc., where it is said to have opened a UK bank account last year.

The stopping of GBP support hurt Coinbase as U.K. is said to be Coinbase's largest market for cryptos in Europe since 2014.

Even for its UK-based customers, they have had to wait for up to ten days for the process of converting Bitcoin, Bitcoin cash, Ethereum and Litecoin into euros and then into pound sterling, via international bank transfer. This compares to the earlier same-day transactions for deposits and withdrawals from Coinbase to British bank accounts.

Coinbase has now resumed support for GBP after striking a new deal with London-based lender Clearbank, according to a Bloomberg report.

In March 2018, Coinbase had become the first cryptocurrency exchange to open a UK bank account, receive e-money license, and gain access to the UK's FPS for its UK-based customers, which is supported by all major UK banks. It was granted the license by the UK's financial regulator Financial Conduct Authority (FCA).

Separately, Coinbase announced that it is adding full support for five assets - Basic Attention Token (BAT), Stellar Lumens (XLM), 0x (ZRX), Augur (REP) and XRP. Customers can now buy, sell, and trade them using their GBP wallet, funded by a GBP bank account or credit/debit card.

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