The latest announcement by the UK branch of major cryptocurrency exchange Coinbase states that it has resumed GBP withdrawals and deposits for UK customers. However, the exchange also revealed that it has enabled support for five cryptocurrencies including XRP, the third largest cryptocurrency by market capitalization.
Essentially, in March last year, Barclay’s bank started offering banking solutions to Coinbase exchange which was apparently ended in August this year. However, the latest report from Coinbase unveiled that the exchange and bank are again available for UK crypto enthusiasts, reinstating GBP transfers. Accordingly, the platform is supporting five cryptocurrenices namely, XRP, Stellar Lumens (XLM), Basic Attention Token (BAT), Ox (ZRX) and Augur (REP). The blog wrote;
“We’re delighted to announce that we’ve successfully transitioned our payment systems for UK customers, and domestic GBP bank transfers are now fully reinstated.”
With that being said, UK customers can now buy, sell and trade these five cryptos with a GBP wallet as the exchange asserts “funded by a GBP bank account or credit/debit card”. Notably, when Barclays zoned out its services for Coinbase offerings, the exchange immediately chose Clear Bank as a substitute but somewhere the Barclays’ cutoff was adversely affected the business of Coinbase in the UK. This may be because Barclays and Coinbase were providing instant crypto-banking solutions to UK customers through Faster Payments Scheme (FPS).
However, the exchange once again started offering its service via FPS with ClearBank.
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