Barclays, CoinBase Team Up For Faster Trading, Payments

Mar 19, 2018 at 22:39

British lender Barclays and cryptocurrency exchange Coinbase have sealed a partnership to make Bitcoin and altcoin trading easier, according to a report by CNBC.

The report said the deal is the first major partnership between a British bank and a cryptocurrency exchange, since UK lenders have distanced themselves with cryptocurrency firms, which have been tainted by news of being involved in illicit trading.

The development will allow its nearly 12 million users benefit from easier and faster trading of Bitcoin and other digital currencies.

In a blog post, Coinbase CEO Zeeshan Feroz said the crypto exchange was granted an e-money license by the UK’s Financial Conduct Authority (FCA).

He said the license will allow Coinbase to issue e-money and provide payment services in the UK and to other locations in the European Union (EU).

“Our e-money license will extend beyond the UK to 23 countries within the EU. We believe that this is an important step towards our commitment to making cryptocurrency accessible to everyone,” Feroz said.

The company official also announced that Coinbase and GDAX will add support for the UK’s Faster Payments Scheme (FPS), which is supported by major UK banks.

“UK customers will benefit from faster, safer and seamless bank transfers. We will start with a pilot, giving a small number of institutional users access to Faster Payments. In the coming weeks, we will begin rolling out to all UK customers,” Feroz said.