London: San Francisco based digital currency wallet and platform for crypto trading for merchants and consumer transacting with cryptocurrency, Coinbase, has introduced the support for the traders to do the transactions in Pounds Sterling.
With this, it will be easy for British crypto traders to buy and sell cryptocurrency. The exchange desk trading in digital currencies like bitcoin, ethereum and litecoin announced that it will now support Pound Sterling deposits and withdrawals natively on its platform.
The platform will also allow much faster deposit and withdrawal times so as to remove the resistance related to converting funds from Euro to pounds.
Currently Service for the Users in the UK Only
Currently, this feature is being offered by Coinbase to its existing customers in the UK only whereas it will be available for all the users countrywide probably in a couple of days.
Coinbase said that though this system is currently for the customers in the UK only, but the intention is to bring this similar system in other countries of the globe too. As of now, other countries will have to wait for this feature.
According to information given by a spokesperson of Coinbase to Hard Fork, the faster payments is a UK scheme and it is not available outside the UK. He further informed, “Generally speaking, Coinbase strives to provide our customers globally with the easiest way to convert fiat into crypto [currency] and back. We will continue to invest in partnerships and infrastructure that helps us delivers this.”
No Conversion Fee or Bank Exchange Rates
Faster Payments, one of the fastest transfer systems available, has powered the new system. It has put a cap on the transactions by limiting it to £250,000 per transaction. Coinbase has stated through an email that they do not have a limit as to what they can receive. CHAPS, which is costlier payment infrastructure, can be used as an alternative for the larger sums but it is slow and less convenient. Barclays stated that for every CHAPS transaction a fee of £25 is charged.
The most advantageous feature of the new system is that now there will be no conversion fees and relevant bank exchange rates while doing the transactions.
With this system, the users of Coinbase will now no longer suffer slow and costly international bank transfers. Now they, especially the high-frequency traders, will enjoy faster, cheaper and simpler transactions.