“[Coinbase] believe[s] this step is crucial in our aim to democratize access to cryptocurrency,” emphasized Feroz.
Cryptocurrency investments and Initial Coin Offerings (ICOs) carry significant risks and uncertainties, hence this article should not be construed as advice or an endorsement to invest in cryptocurrencies or ICOs. Since financial scenarios differ individually, consulting a professional with expertise is recommended before making any financial moves. No claims are made regarding the precision or relevance of the information presented. At the time of writing, the author holds bitcoin and ripple.
Reaching this partnership was both challenging and time-consuming. A detailed and prolonged process was involved, according to Feroz, who mentioned that Barclays needed solid proof of robust anti-money laundering measures.
Feroz pointed out, “This is an entirely new industry, necessitating a deep understanding and careful risk management.”
Gradual implementation of the new services resulting from these collaborations is in the plans for the exchange. “Faster, more secure, and seamless bank transfers will enhance the U.K. customers’ experience,” stated Coinbase. “We will initiate with a pilot program, granting a select number of institutional users access to Faster Payments. Over the upcoming weeks, the rollout will extend to all U.K. customers, thus simplifying the Coinbase journey substantially.”
While the partnership is promising for Coinbase, the U.K. government is unwavering in its thorough examination of cryptocurrencies and blockchain technology. The final verdict on the future of digital currencies is yet to be determined. A review was declared by the Treasury Select Committee a few weeks back.
Zeeshan Feroz, Coinbase’s U.K. CEO, remarked about the collaboration, signifying that “domestic GBP payments with Barclays lower expenses, enhance customer satisfaction, and accelerate transactions.”
With greater convenience, Coinbase patrons in the U.K. can now handle fiat currency transactions more smoothly. This improvement springs not only from the Barclays collaboration but also from the newly acquired e-money license. This license enables Coinbase to tap into the Faster Payment Scheme, facilitating streamlined fiat currency operations.
Considerable transformations loom for one of the globe’s premier cryptocurrency exchanges. An account has been initiated by Coinbase with Barclays, a significant player in the U.K.’s banking and financial services sphere.
