Cryptocurrency Exchange Coinbase and Barclays Team Up
Big changes are on the horizon for one of the world's largest cryptocurrency exchanges. Coinbase has opened an account with Barclays, the U.K. bank and multinational financial services company, according to a report by Bitcoin.com.
The arrangement has been described as the first partnership between a major bank in the U.K. and a large cryptocurrency exchange. In the short term, Coinbase believes that the partnership will help improve customer experience by reducing transaction processing times. (See also: Coinbase: What Is It and How Do You Use It?)
Coinbase's U.K. CEO, Zeeshan Feroz, commented on the arrangement, indicating that «having domestic GBP payments with Barclays reduces the cost, improves the customer experience...and makes the transaction faster.»
Feroz added that "[Coinbase] believe[s] that this is an important step towards our commitment to making cryptocurrency accessible to everyone."
The agreement was not an easy or a quick one to make, however. Feroz revealed that the process for arriving at the partnership with Barclays was a lengthy one, and that Barclays required evidence of robust anti-money laundering protections. (See also: Coinbase Hit With Class Action Lawsuits Alleging Insider Crypto Trading.)
«It's a completely brand new industry,» Feroz explained, adding that «there's a lot of understanding and risk management that's needed.»
Coinbase customers will now be able to withdraw and deposit fiat currency in the U.K. with a greater degree of ease. While this is due to the new Barclays partnership, it's also a result of the exchange's new e-money license, granted by the U.K. Financial Conduct Authority. This has granted Coinbase access to the Faster Payment Scheme, a streamlining process for fiat
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