The Coinbase exchange has added the option to deposit and withdraw pound sterling for British users, it is noted on the company’s blog.
Clients of Coinbase from the UK can now almost instantly conduct transactions with local currency. Head of Coinbase U.K. Zeeshan Feroz wrote that the new system will replace the previous method, which customers used to convert the crypto currency into euros, and only then into pounds.
The processing of transactions thus took several days. “Now customers can make deposits and withdraw funds in pounds sterling and use them for direct purchase and sale of cryptocurrencies – for the first time in history. Customers will be able to assess the benefits not only of increased speeds, but also of reduced costs. Getting rid of the need to convert funds from GBP to Euros and back for deposits or withdrawal of funds, they will no longer have to interact with exchange rates” – he said.
Adding a new feature to the platform continues. Some users have already accessed GBP-wallets, and all British clients will be provided within a few weeks.
Feroz explained that both individual and institutional clients will be able to take advantage of direct operations with the pound, adding that the new wallets “will allow investors to make almost instant transfers – this is a key function for traders and hedge funds who need to quickly open and close positions”.