Coinbase Announce Faster UK Payments - Deposit & Withdraw in GBP Instead Of EUR!
When compared to America and parts of Europe - the UK has a difficult time entering the crypto space.
Most of my fellow Brits will have taken this route:
- Move GBP from Bank to Revolut (a banking app which converts GBP to EUR for free)
- Move EUR from Revolut to Coinbase
- Move EUR from Coinbase to GDAX
- Buy Bitcoin with EUR
If you want to buy anything other than Bitcoin, Ethereum, Litecoin, or Bitcoin Cash - you then have to send your cryptocurrency to another exchange because no other exchange supports GBP.
This barrier of entry scares away new UK investors. None of us want to go through the faff of converting between GBP to EUR. It's an extra task in an already confusing process.
This is how most of us enter the market without paying ridiculous fees. Some banks support EUR, but mine doesn't and I'm sure lots of people are in the same boat.
Better Protection & Faster Payments
If your bank supports EUR, you still enjoy multiple benefits. Coinbase has received an e-money license from the UK's Financial Conduct Authroity (FCA). This means they are heavily regulated and monitored, which provides more protection to UK users.
Coinbase are now under the operational standards of other regulated financial institutions in the UK. Clients funds will now be separated from Coinbase's funds and stored in separate bank accounts. A step in the right direction.
In order to withdraw your money, you have to follow all the steps mentioned above - backwards. That's a lot of steps which slow everything down.
When Coinbase rolls out the Faster Payments Scheme in a few weeks, here's how it will go down:
- Deposit GBP onto Coinbase
- Move GBP from Coinbase to GDAX
- Buy Bitcoin with GBP
Much simpler, faster, and less intimidating. The familiarity of using GBP - as well as removing a step in the process - puts smiles all round.
Everything is becoming more safe and secure for UK users.
They are currently testing this service with select users - expect it to roll out to everybody over the next few weeks.
While the UK is late to the party, we're catching up and 2018 will see more incredible growth.
When Coinbase opened up its services to European users in 2014, the adoption rate exploded. More people than ever started entering the crypto space.
In 2017, Europe grew two times faster than any other market - guess where a large majority of new investors came from? The UK.
Coinbase is a contender for the best cryptcourrency exchange due to their easy to use platform and customer care. They hold a lot of the 'firsts' in the crypto space. Introducing Faster GBP Payments is one of them.
I wonder how Brexit will affect this - what are your thoughts?
Ask any questions down below! What's your experience with Coinbase & GDAX?