Coinbase, a US crypto exchange service, and crypto wallet has recently opened a UK bank account and gained access to UK’s Fast Payments Scheme, FPS. This news comes from a blog post published by Coinbase CEO Zeeshan Feroz; however, there hasn’t been any official mention as to which bank they opened an account in.
In this regard, Bloomberg has provided information that the UK bank in question is Barclays. Coinbase has recently received an e-money license from UK’s Financial Conduct Authority. This might have helped along with the deal between Barclays and Coinbase.
The crypto exchange expanded to Europe back in 2014, and since then, they have seen a prosperous business in the market. Feroz points out that UK is the company’s “biggest market,” and that Coinbase has seen “twice as fast as any of [their] other markets in 2017” in Europe.
Now, coming back to the new FPS support Coinbase has in store for their European customers. The Fast Payments Scheme is an initiative taken by the UK banking institutes which dramatically cuts down transaction times. It is currently the country’s main payment infrastructure.
Previously, Coinbase customers in European had to first convert their digital assets into euros and then back to pounds through an Estonian bank, after which they were allowed to make crypto withdrawals. But now with FPS access, this entire process for UK Coinbase users is going to simplified.
Do note, the FPS support will initially be made available as a pilot for a small group of customers and after testing will get rolled out to all UK customers by a couple of weeks. Here is what Feroz, had to say regarding the technology:
“By replacing SEPA [Single Euro Payments Area] for UK customers, Faster Payments will offer a familiar payment experience and is supported by all major UK banks. UK customers will benefit from faster, safer and seamless bank transfers.”