News from the Coinbase platform topped headlines this week as the US-based digital currency trading platform moves to accept payments in GBP. Customers in the UK will now be able to deposit and withdraw sterling.
This would give British users a better chance to trade on platforms, in a currency that is more understandable and acceptable in the UK. Moreover, this will counteract the need to confuse cost of conversion with additional exchange charges.
Currently, GBP trading will be available only within the UK. It is scheduled to be activated by Faster Payments, the UK's fastest payment system, which offers very fast payments to customers who wish to carry out transactions such as online purchases, direct banking services and bank transfers. Because of this service, some users will be able to access their money in GBP as soon as two hours after the withdrawal. As in the United Kingdom, however, fast payment is only available. A spokesman from the platform said:
"Overall, the Coinbase platform seeks to provide its global customers with the easiest way to convert paper currencies into digital currencies and vice versa. We will continue to invest in partnerships and infrastructure that will help us achieve this "
Currently, the maximum value of currency transactions will be around £ 250,000, because Faster Payments is only able to handle this figure as a maximum value. This marks a new beginning for the UK's Coinbase platform. Traditionally, customers using Coinbase in the UK had to go through a slow and cumbersome process which meant higher fees and slower transaction speed. Now, with the addition of Sterling and Faster Payments, customers can access reasonable exchange rates, discounted fees and the opportunity to transfer funds in a much shorter time frame, with money from withdrawals being sent to their account in less than two hours.