Coinbase, which is a crypto exchange, announced this Wednesday that it is now offering some deposits, as well as withdrawals denominated in the British pound or GBP.
Coinbase is offering same-day deposits and withdrawals
The U.K. division of the Coinbase crypto exchange is now going to offer same-day deposits and withdrawals from the platform which is going to permit transfers to occur almost immediately. In one statement, the U.K. chief executive of Coinbase, named Zeeshan Feroz, wrote that this system is actually going to replace the previous method which had customers convert cryptocurrencies into euros before it turns it a second time into pounds.
This old process took a few days, according to Feroz, an aspect which the new method is going to skip altogether.
No need to convert GBP to euros and vice versa
Feroz also explained that customers are going to have the ability to deposit and withdraw pound sterling and sell cryptocurrency – for the first time, thanks to Coinbase. Customers are not only going to benefit from increased speed but from reduced cost too. With no longer having to convert funds from GBP to euros and vice versa in order to add and remove finds, there are also going to be more exchange rates, said Feroz.
The rollout of this new system which appeared is ongoing. Several customers that already have access to GBP wallets and all U.K. customers are going to receive access over the several weeks that follow.
Benefits for individual and institutional customers
Both individual, as well as institutional customers are going to have some benefits, according to Feroz, adding that the new wallets are going to permit investors to make almost immediate transfers, which is an essential feature for traders, as well as for hedge funds that need to have the ability to enter and exit their positions quickly.
Further on, Feroz also noted that the exchange is working on expanding its services in both the U.K. and the EU, citing the e-money license which the firm has received earlier in 2018.