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Barclays Inks Banking Contract With Coinbase In An Aim To Make The Experience Smooth For Users

One of the biggest crypto currency wallets and exchanges in the world, Coinbase, got a bank account with Barclays (the U.K. lender), the firm claimed to the media this week in an interview. This comes as a decision that will make it simpler for British users to employ its service.

The agreement marks the first chief joint venture between a crypto currency exchange and a U.K. bank. Lenders in the U.K. have maintained a distance from getting involved with digital coins and crypto currency companies in general, due to their reputation of being employed in illegal activity.

Coinbase, which has almost 12 Million consumers, also claimed that it was given an e-money license by the FCA (Financial Conduct Authority), which is the U.K. regulator that adds support for the FPS (Faster Payments Scheme).

The most perceptible upgrade will be FPS that will make simpler the procedure of withdrawing and topping up money from Coinbase. Earlier, U.K. consumers had their payments processed via an Estonian bank. This procedure would take a handful of days.

“Consumers in the U.K. will advantage from safer, faster, and seamless bank transactions. We will begin with a pilot, considering a small amount of institutional consumers accessing the FPS. In the forthcoming weeks, we will start launching out to all users in the U.K., making the experience of Coinbase more and more simple,” U.K. CEO at Coinbase, Zeeshan Feroz, claimed to the media this week in an interview.

While consumers in the U.K. can top up money in terms of pounds, they were not able to withdraw it simply in the same currency back to their bank account. In its place, it would have to go via an extended procedure, translating the money into euros then again back to pounds, leaving some consumers annoyed with charges that was spent in exchange process.