RATE Group | Bitcoin Bank Comes Closer As Coinbase U.K. Adds Sterling
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Bitcoin Bank Comes Closer As Coinbase U.K. Adds Sterling

02 Aug Bitcoin Bank Comes Closer As Coinbase U.K. Adds Sterling

Posted at 00:35h in Bitcoin News by

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bitcoin exchange coinbase office image

The Coinbase headquarters in San Francisco, May 2018. (Photo by Christie Hemm Klok for The Washington Post via Getty Images)

The prospect of a fully fledged U.K. bitcoin bank took a step closer to reality yesterday with the launch of pound sterling support for San Francisco-based crypto exchange Coinbase.

The move, designed to make it easier for Coinbase customers in the UK to deposit and withdraw pound sterling and use it to directly buy and sell cryptocurrency, was described by Coinbase’s U.K. chief executive Zeeshan Feroz as “progress towards becoming a primary bank account” for its users.

Sterling support will mean Coinbase users get access to the U.K.’s Faster Payments system, meaning same day deposits and withdrawals, with most transfers going through almost immediately.

Customers in the UK will no longer have to convert funds from pounds to euros and vice versa to cash in or out and there will be no more exchange rates or SEPA fees —…

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