On Wednesday 14th March, Barclays struck a deal with Coinbase. Barclays is now the first major British bank to be in partnership with a cryptocurrency exchange. With this agreement, British customers can now access cryptocurrencies through the bank. In fact, this will encourage more British lenders to engage in cryptocurrencies.
Lately, cryptocurrencies are recently associated with illicit activity, thus tarnishing its reputation. However, this has not wavered Coinbase achieving business success. In addition, Coinbase has now reached up to 12 million users worldwide.
Before the partnership was established, British citizens using cryptocurrencies found it hard to exchange cryptocurrencies to British Pound. This is due to the long string of conversion rates, UK residents had endured.
What will cryptocurrency users benefit?
This agreement will enable Faster Payments to benefit from simplifying the process of topping up and withdrawing from Coinbase wallets.
Moreover, the Coinbase CEO Zeeshan Feroz stated in a blog that: “U.K. 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 U.K. customers, making the Coinbase experience increasingly easier”.
Mr Feroz is hoping that through Coinbase they will provide their clients easy access to cryptocurrencies.
Like other regulating bodies around the world, the UK is already looking into ways how to regulate such currencies. In fact, the Bank of England has already sounded the alarm for greater regulations on cryptocurrencies. This is seen through UK’s Financial Conduct Authority (FCA) that is licensing and regulating all digital money.
There is a high probability that other banks might follow suit and join the cryptocurrency revolution.
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