Coinbase UK Restores Fast Payments with Banking Startup ClearBank

The United Kingdom-based subsidiary of Coinbase has restored its fast deposit and withdraw services in the country by becoming a client of ClearBank, Bloomberg reported on Thursday.
Founded in 2017, ClearBank is a participant in the UK Faster Payments Scheme (FPS), which enables instant deposits and transfers of the British pound. This will restore the services of the crypto exchange as fiat transfers were taking up to days after major lender earlier this year.

Confirmed by Zeeshan Feroz, Coinbase UK’s chief executive officer, the customers of the exchange can again make fiat deposits and withdrawals in 60 seconds after an interval of three months.
“It’s a very nascent industry that is broadly unregulated so the challenge a traditional bank has is crypto doesn’t fit into one of its existing models for other industries,” Feroz told Bloomberg.
“Understanding the crypto space and how you manage the risk requires a significant amount of investment and resources. As we look at the long term, that gap between crypto and traditional banks will be bridged.”
Big banks hesitant towards crypto companies
Coinbase UK first opened an account with Barclays in 2018, which created a lot of buzz in the industry as it was among the first major banks to take up crypto exchange as a client. However, the bank cut ties the exchange probably in July, without disclosing any reason behind it publically.
Barclays’ move also followed a with the exchange by Santander UK.
Meanwhile, Coinbase is also expanding its offering for its clients based in the United Kingdom. The exchange has added four new digital currencies – Basic Attention Token, 0x, Augur, Stellar Lumens, and XRP – to Coinbase UK.
The San Francisco-headquartered exchange also launched for holders of USDC token, offering them 1.2 percent annual interest compounded monthly.

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