The most noticeable update will be Faster Payments which will simplify the process of topping up along with withdrawing money through Coinbase. Previously, U.K. users had their transactions processed through an Estonian bank, which could take a few days.
“U.K. customers will benefit through faster, safer along with seamless bank transfers. We will start using a pilot, giving a modest number of institutional users access to Faster Payments. within the coming weeks, we will begin rolling out to all U.K. customers, creating the Coinbase experience increasingly easier,” Zeeshan Feroz, U.K. CEO at Coinbase, said in a blog post Wednesday.
While U.K. users could top up money in pounds, they were unable to withdraw which easily back to their bank account within the same currency. Instead, which would certainly have to go through a long process, converting the money into euros then back into pounds, leaving some users stung with exchange rate charges.
The e-money license through the FCA will extend to 23 countries within the European Union.
“We believe which This specific is usually an important step towards our commitment to creating cryptocurrency accessible to everyone,” Feroz said.