In March 2018, Barclays joined hands with U.S-based cryptocurrency exchange Coinbase to provide banking services. However, this deal ended in August 2019, according to reports. However, Coinbase UK has now once again resumed GBP withdrawals and deposits for its UK customers.
In a blog published on 3 October, the exchange spoke of having successfully transitioned its payment systems for UK customers and reinstating GBP transfers. The blog read,
“We’re delighted to announce that we’ve successfully transitioned our payment systems for UK customers, and domestic GBP bank transfers are now fully reinstated.”
“UK customers can now enjoy full support for BAT, ZRX, REP, XLM, and XRP: buys, sells, and trades are now available with a GBP wallet, funded by a GBP bank account or credit/debit card.”
The US-based exchange was in rough waters in the United Kingdom after Barclays called the partnership off. Crypto-exchanges have always faced a challenge when it comes to registering a bank account, especially with the current regulatory concerns related to cryptos. Despite Barclays ending the partnership, Coinbase UK has now once again resumed its operations in the country, but has not revealed the bank it is using.
According to reports, crypto-businesses in the United Kingdom have to bank overseas as local banks are not very trusting of cryptocurrencies. Coinbase is gearing to compete with other prominent exchanges like Binance, exchanges that have already listed a hoard of cryptocurrencies on its platform. However, the new game may be more focused on regional hegemony.