Coinbase has been making huge waves in the crypto sphere during 2018. What with the introduction of new $25,000 buy limits, voucher sales, and acquisitions, it seems that not a month goes by when the exchange isn’t looking to expand and grow. In its latest major move, the company has announced that it is expanding its UK operation. It’s opening trading for four more cryptos for GBP as of today. This new expansion has come about following an agreement with Barclays – one of Britain’s leading high-street banks – which was made back in March.
Faster Payments and More Options
Thanks to Barclays, Coinbase can utilize the UK’s Faster Payments Scheme, so British residents can now freely trade leading altcoins such as LTC, ETC, BCH, ETH, and for GBP. This is on top of BTC/GBP trading which is already available. “With support for UK domestic bank transfers in GBP via the Faster Payments Scheme, it is now significantly easier, faster and cheaper for UK customers to trade cryptocurrencies on the Coinbase platform,” said Coinbase in an official post.
Reaching New Ground
Coinbase – with the help of Barclays – is the very first cryptocurrency exchange to use Faster Payments, with users reaping the benefits of faster processing and lower fees linked to withdrawals and deposits. In the case of these new altcoin pairs, Coinbase is opting for a gradual switch on, so users might have a slower than usual wait to access the new pairs, subject to monitoring of each orderbook.
It’s All About Growth
Every cryptocurrency exchange seems to have expansion on the mind right now, as the demand for crypto purchases grows. The UK is in the crosshairs of many crypto-focused companies, with Huobi – the famous Chinese company – opening its own London office back in June. Explaining the decision, Huobi executives said, “London was selected as the first office in Europe, due to its preeminence as a global financial center and the largest cryptocurrency trading center in the region.” Coinbase is simply the latest in a long line of companies that sees dollar signs – or should we say pound signs – when it looks at the British Isles.
The UK Has Become a Can’t Miss Market
While the UK is becoming more open to the idea of a crypto-company influx, it’s still hesitant in other regards, especially when it comes to ICOs. Time and time again UK regulators have warned the British public over scam operations. Any legitimate ICO requires a Financial Conduct Authority (FCA) approved license to function legally, but illicit operations have been able to sneak through the cracks.
Coinbase Continues to Evolve
Coinbase is on an expansion spree right now, as it’s looking to cement its position as one of the biggest crypto exchanges in the world. Following Coinbase’s Japanese expansion, it’s the UK that appears to the company’s next point of interest. For British customers, this means the arrival of altcoin trading, which only goes to show that Coinbase is serious about growing, developing, and expanding its UK market.