Major strides are being made in Europe as Coinbase becomes the first cryptocurrency exchange to obtain a United Kingdom Bank Account and receive its e-money license.
As positive news continues to enter the crypto market, the latest comes as British multinational bank and financial services firm, Barclays PLC, announced a partnership today with the US based cryptocurrency exchange Coinbase.
Coinbase, which is home to approximate 12 million cryptocurrency investors, stated that they were given an E-money license by the UK regulator with their Financial Conduct Authority. The deal between Coinbase and Barclays will mark the very first partnership between a UK bank and a cryptocurrency exchange.
The new partnership will allow UK-based investors to deposit and withdraw money from the exchange at a much faster rate. Previously, investors had to go through an Estonian bank which became notorious for its slow processing times causing investors to wait days to receive or deposit their money.
In a blog post on Wednesday March 14th, Coinbase CEO Zeeshan Feroz explained that UK customers would immediately benefit from a faster and safer system that would make bank transfers seamless.
“We will start with a pilot, giving a small number of institutional users access to Faster Payments. In the coming weeks, we will begin rolling out to all U.K. customers, making the Coinbase experience increasingly easier."
Feroz also notes that since 2014, when they began to offer their services to Europe, crypto grew significatly and the European Union grew twice as fast as other markets in 2017. His expert opinion is that the UK would continue to be the largest market in Europe and that Coinbase would be adding at least eight times as many employees to their London based office by the end of 2018.