The crypto exchange Coinbase announced that it is now offering deposits and withdrawals denominated in the British Pound Sterling (GBP) for users in the UK.
The exchange’s U.K. division will now offer same-day deposits and withdrawals from the platform, allowing transfers to happen almost immediately. Coinbase U.K. chief executive Zeeshan Feroz wrote that this system will replace the previous method, which had customers convert cryptocurrencies into euros before converting a second time into pounds.
The old process took several days, he said, an aspect that the new process will skip altogether. Making the whole process much faster and less cumbersome whilst also reducing associated fees.
Customers will not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from GBP to euros and vice versa to add and remove funds, there will be no more exchange rates.
Many customers already have access to GBP wallets, and all U.K. customers will receive access over the coming weeks.
Both individual and institutional customers will benefit, Feroz said, adding that the new wallets
will allow investors to make almost immediate transfers, an essential feature for traders and hedge funds who need to be able to enter and exit their positions quickly.
Feroz also stated that Coinbase is working on expanding its services in both the U.K. and the EU, citing the e-money license they received earlier in the year.