Connect with us


Coinbase announces GBP support for UK customers, enables faster payments

Shahrain KM



Coinbase announces GBP support for UK customers, enables faster payments
Source: Unsplash

On 2nd August, digital currency exchange platform Coinbase announced on their official Twitter handle that platform would begin Great British Pound [GBP] support for all their UK customers starting today.

The move was taken to facilitate swifter payments of deposits and withdrawals such that it would occur within the same day of the exchange. Funds from the Coinbase platform would then reach British bank accounts without any hassle. 

Coinbase's Official announcement regarding GBP support | Source: Twitter

Coinbase’s Official announcement | Source: Twitter

The San Francisco-based exchange stated that the support will extend to individual Coinbase customers, Coinbase pro [active traders] and Coinbase Prime [institutions] customers.

The process of conversions so far involved converting cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH] into Euros. The Euros would then be converted to Pound Sterling [official currency of the UK] through International Bank Transfer which took a significant number of days to complete.

Coinbase on their official Medium blog stated:

“We’ve worked hard over the last few months to add GBP support for Coinbase customers across several of our product offerings in the UK. “

They went on to add:

“We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space.”

Coinbase has been making various changes to its organizational structure, acquired several companies under their banner and is now rolling out new additions to their online platform.

The company had recently announced that they hired former Global Head of Perishing LLC, Jeff Horowitz to the post of Chief Compliance Officer in a bid to navigate regulations in cryptocurrency organizations.

Twitter user, PlanetPokiewood, commented:

“Thank you @coinbase – This is great news for your U.K. customers.”

Another Twitterati, CEOofDogecoin added:

“I hodl a small amount of $GBP. The Queen Elizabeth meme is classic and so this token has some eternal value, but thanks to their idiot politicians who pushed Brexit I am sitting on a loss.”

WhataCharles, a Twitter user remarked:

 “Just get XRP on there already, it’s getting a bit petty given there bahgillion pieces of good news over the past year!”

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.


SEC’s harsh crypto regulations would drive innovation away from the US to Asia, says Fred Wilson




SEC's harsh crypto regulations would drive innovation away from the US to Asia, says Fred Wilson
Source: Pixabay

Circle-acquired Poloniex, one of the leading cryptocurrency exchanges in the world, announced the geofencing of nine assets on its platform recently. The reason revealed by them was the uncertain regulatory climate in the US, leading them to take a cautionary step fearing the Securities and Exchange Commission’s [SEC] retribution.

Fred Wilson, the co-founder of Union Square Ventures, had recently voiced his opinion that the regulatory body’s ruling to delist coins in the US crypto exchanges was very damaging. He believed that hostile policies would eventually drive away innovation from Silicon Valley, which is the “global epicenter of tech” to Asian countries. He tweeted,

“In 5-10 years when we look back and consider why the next big tech sector centered itself in Asia and not in the US, it will be the SEC’s unwillingness to create new rules to regulate new assets that will be the cause”

Citing Coinbase as an example, Wilson stated that the “most trusted/compliant/secure/safe” exchanges were based in the US. So, according to him, driving trading or liquidity to Asia is “detrimental to safety and security”.

Preston Byrne attorney at Byrne & Storm, PC responded to the above tweet stating that “alleged misconduct” in Asia would be harmful to the entire crypto-space. He emphasized that the major threat to Bitcoin adoption was the “bad actors” who need to be identified and eliminated.

Calling for the need to monitor trading regions and markets, Byrne posted,

“95% of trading volume is faked. The Bitfinex/Tether saga is insane and only just getting started. If crypto is going to be adopted, we need to have more trust in our trading venues. That requires close supervision of trading venues and markets.”

Ari David Paul, the founder of BlockTower Capital, also reacted to the post,

“Hopefully we’re not headed toward a world where voluntary commerce can be stamped out globally. So for a global asset, this will always be an issue. Fortunately, you don’t need to care. $1b in CME future volume is real and traceable. Manipulation is temporary by nature.”

Responding to the above tweet, Byrne said that $3 billion of Tether [USDT] was what kept Binance and Finex “afloat” and contributed significant volumes and were currently under the heavy check by State of New York. He also added that the aforementioned platforms were a “hair’s breadth away” from an investigation regarding fraud.

Subscribe to AMBCrypto’s Newsletter

Continue Reading